KSA-backed sugar firm to raise $ 200 million

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.

Mohamed El-Mardi El-Tegani said 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.

The Khartoum-based firm recently said it planned to make next year a stock market offer in Johannesburg with a secondary listing in Dubai.

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 tons 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 US sanctions which deterred firms from dealing with Sudan.

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