Wilmar: Announced that its sugar subsidiary Sucrogen has failed in its proposed purchase of Proserpine Co-operative Sugar Milling Association's assets for $147.8m. Prosperpine could have given a significant boost to Sucrogen's milling capacity by 2m tons to 17m tons and also raise Sucrogen's raw sugar production by 10% to 2.2m tons.
Sucrogen said that it was unable to secure the 'necessary level of support' from the cooperative sugar mill's members for the deal to go through. It managed to receive favourable votes from 70% of PCSMA members who voted, below the required 75%.
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