Thai company completes buyout

Mitr Phol Sugar now owns 95.38% of Australia’s MSF Sugar.

Karleila Thomsen

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THAILAND'S Mitr Phol Sugar now owns 95.38% of Australia's MSF Sugar.

It will now absorb the rest of the outstanding shares through compulsory acquisition which see Australia's only listed sugar producer and marketer removed from the stock exchange's boards.

The takeover values the company at A$313 million.

MSF is Australia's third largest milling group by annual crushing capacity of 4.7 million tons of cane.

It owns four sugar mills, including three in the far north of Queensland state and a fourth at Maryborough

MSF also owns 5,800 hectares of land, mostly in the Maryborough district and a 13.3% stake in Sugar Terminals, which owns a string of bulk sugar export terminals along Queensland's east coast.

President Krisda Monthienvichienchai said Mitr Phol looks forward to supporting the strong relationships that MSF's management has built with growers and other stakeholders and is pleased preparations for the crushing season in the second half of the year are well underway.

"Overall, we fully expect to continue to execute and expand upon MSF's strategy to grow the business," he said in a statement.