On 28 June 2016, Illovo Sugar was delisted from the JSE after Associated British Foods (already a major shareholder in Illovo Sugar) successfully acquired all of the ordinary shares issued in Illovo Sugar that it did not already own from minority institutional and private shareholders.1
Illovo is the biggest sugar producer in Africa and produces raw and refined sugar from sugar cane supplied in part from its own agricultural operations. In South Africa it has three agricultural estates, four sugar factories, one refinery, three wholly-owned downstream plants, a 50% share in a distillery and a 30% investment in a separate sugar factory and refinery.2 According to its latest Annual Report, Illovo employs 2,240 permanent employees and 1,567 seasonal agricultural workers in South Africa.3
- https://www.illovosugar.co.za/Listed-Subsidiaries. For more information on the delisting, see: http://www.moneyweb.co.za/news/companies-and-deals/illovo-sugar-sticky-situation/ and https://www.illovosugar.co.za/UserContent/documents/Announcements/2016/Firm-Intention-Announcement.pdf (last accessed on 7 November 2016).
- https://www.illovosugar.co.za/About-us/South-Africa (last accessed on 7 November 2016).
- Illovo Limited 2015 Annual Report, at p24.