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Kenana plans Hong Kong IPO


 
19 Mar 2012

KENANA PLANS HONG KONG IPO 

 

KHARTOUM (Reuters) - Kenana, Sudan's biggest sugar company, is planning to raise $200 million listing a quarter of its shares in Hong Kong in December, to finance new projects.

Kenana wants to more than double output to over 1 million tonnes annually and establish itself as a major exporter, managing director Mohamed El Mardi told Reuters in an interview.

Sudan, one of Africa's largest sugar producers after Egypt and South Africa, imports more of the sweetener than it exports because of strong local demand. Officials hope new factories and other improvements will reverse that by 2014.

 

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