Sudan's sugar firm eyes $200m from S.Africa IPO
Khartoum, April 29, 2013
Kenana, Sudan's biggest sugar producer, plans to raise around $200 million in an initial public offering in Johannesburg next year, its managing director said.
Last week, the Khartoum-based firm said it planned to make next year a stock market offer in Johannesburg with a secondary listing in Dubai, without giving details.
Mohamed El Mardi El Tegani told Reuters by mail on Saturday Kenana wanted to raise "around $200 million".
The firm, which is mainly owned by the governments of Kuwait, Saudi Arabia and Sudan, has appointed Russia-focused Renaissance Capital and Dubai investment bank Shuaa Capital to manage the offering.
Kenana wants to use the money from the share offer to help fund an expansion to more than double its annual sugar output to 1 million tonnes and triple its biofuel production by 2015.
Kenana expects also to get $500 million in a capital injection this year from its main shareholders, to help fund expansion.
Last year the firm had eyed a stock market listing in Hong Kong but gave up the plan due to U.S. sanctions which deterred firms from dealing with Sudan.-Reuters