Published: 19 December 2013

The Scheme of Arrangement between Star Africa Corporation Limited and its lenders and creditors which was sanctioned by the High Court on 7 August 2013 and registered with the register of companies on 14 August 2013 requires that updates be furnished to all scheme members.

With reference to the disposal of assets, negotiations with prospective purchasers are continuing and management hope to conclude both disposals of Tongaat Hulett Botswana and Bluestar Logistics by 31 January 2014.

Considerable progress has been made on the plant upgrade project at Gold Star Sugars Harare. Approximately 70% of the equipment has been manufactured and inspected by Societe Generale de Surveillance, a leading global inspection, and verification, testing and certification services provider.

The first lot of equipment was dispatched on 11 December 2013 and is expected to arrive at GSSH in the second half of January 2014 and the last lot is to be dispatched from India in the last week of February 2014.

Civil works have been completed and installation of new equipment is scheduled to commence in January 2014.
- businessdaily

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