Battle for Proserpine Sugar over

It's the end of an era for a north Queensland sugar mill

09.12.2011ReBlogged

Battle for Proserpine Sugar over

Proserpine Sugar Mill (Image: Wikimedia Commons)

Proserpine Sugar Mill has been sold to a Singapore-owned company Sucrogen for 120 million dollars.

The board of the Proserpine Mill placed the co-operative into administration in November, following a five-month battle between Sucrogen and Tully COFCO for ownership.This morning Proserpine’s creditors voted to accept the offer the administrator, KordaMentha, had signed with Sucrogen.

The CEO of Sucrogen Ian Glasson says the company is looking forward to growing the Proserpine region.

“It was a rather long process, but I guess the good news is we are where we are.”

Chairman of Proserpine Lou Raiteri says it is a relief to finalise the sale.

“Life goes in cycles and nothing is forever.”

 

Permalink | Leave a comment  

PO Box 2737

Westway Office Park

3635, South Africa

info@dalinyebo.com

+27 87 353 9809

Our site has moved to a new platform. It is functional, but expect the odd 'hiccup' (e.g. there are over 300 links and references that we are busy editing). Please continue to use it and/or submit your details and we'll notify you once all is 100% up and running.

Click here to access our old site.

We have received your request. Thank you.