Pakistani group may acquire stake in Australian sugar mill

Islamabad: Pakistan is struggling with high sugar prices, whereas on the other hand, the country’s Almoiz Group is eyeing to acquire a stake in the Australian sugar mill.

According to the reports, The Economic Coordination Committee (ECC) is likely to permit Almoiz Group to acquire 54.3 per cent stake in ISIS Central Sugar Mill Company Limited (ICSM) of Australia.

The 13-item agenda of the company will be considered by ECC in its scheduled meet today.

As per media reports, the Almoiz Group through dealer Habib Bank Limited (HBL) has approached State Bank of Pakistan (SBP) to get approval for an investment of AUD 40.10 million (around US$ 27.5 million) to acquire the stake in ICSM.

Almoiz group comprises of Almoiz Industries Limited, Thal Industries Corporation and Naubabar Bottling Company.

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