Tate & Lyle selling Vietnamese sugar assets
April 20, 2011
LONDON — Tate & Lyle P.L.C. has entered an agreement to dispose of its sugar interests in Vietnam to TH Milk Food Joint Stock Co., which is based in Vietnam.
The transaction is expected to be completed in the first half of the current fiscal year and is subject to Vietnamese government approvals and the rights of Mitr Phol Saturn Investments Ltd., Tate & Lyle’s partner in the business. For the sale, Tate & Lyle will receive £33 million ($54 million) in addition to the company’s share of the value of working capital and net cash to be retained in the business.