Sucro Limited, an integrated sugar refiner focused primarily on serving North American sugar markets, announced three new commercial initiatives designed to expand refining capacity in the Caribbean and monetize its proprietary sugar process technology and refinery engineering, design and construction expertise:
1. the formation of a joint venture (JV) to develop and operate a cane sugar refinery in Guyana, where Sucro will hold a minority ownership interest.
2. the sale of Sucro’s operating refinery assets in Hamilton, Ontario once decommissioned in favor of the new Hamilton refinery under development to the JV as part of the project capitalization and installation plan and valued as a complete operating entity.
3. the launch of a new business unit, Sucro Engineering Services (“SES”), to provide third-party engineering and project services leveraging Sucro’s in house multi-refinery build experience and expertise, including a patent-pending processing technology developed by Sucro.
Guyana Refinery Joint Venture
Sucro (through Sucro Caribbean Investment, LLC) and GAICO Construction & General Services Inc. have executed a joint venture agreement to form Demerara Sugar Refinery Inc. (“DSR”), to develop, construct, finance and operate a white sugar refinery at Wales, West Bank Demerara, Guyana. Capital costs of the joint venture to build the new refinery are currently estimated at US$20 million. Sucro will hold an indirect 15% interest in the joint venture.
Under the agreement, DSR will procure, install and commission a used refinery plant sourced from Hamilton, Canada, and will utilize GAICO’s wharf/infrastructure under commercial terms. Sucro will provide engineering, equipment supply, process design, raw sugar supply, and marketing of all refined output under a tolling arrangement, with profits/losses shared in accordance with the parties’ joint venture interests.
“Guyana provides an ideal second cane sugar refining platform for Sucro within the CARICOM region, that will enable Sucro, through its local affiliates and partnerships, to deliver reliable, value-added refined sugar supplies and further reduce the need for imports, creating much needed jobs and security to local communities across the Caribbean” said Jonathan Taylor, Founder & CEO of Sucro. “By relocating our proven Hamilton refinery assets into Wales and combining it with Sucro’s engineering and GAICO’s exceptional local logistics capabilities, we expect a rapid and capital-efficient start-up. I also want to specifically thank the U.S. embassy in Guyana, which has been very supportive and helpful working with Sucro on this commercial opportunity.”
Sale of Hamilton (Ontario) Refinery Assets to the JV
As part of the JV transaction, Sucro will sell its current operating refinery assets located in Hamilton, Ontario to DSR once the Company’s new Hamilton refinery is operational, based on its value as a fully operating and profitable refinery. The asset transfer will support the procurement/installation scope described in the JV agreement and is expected to streamline commissioning timelines and capital intensity for the Guyana plant. Closing of the JV will be coordinated with JV formation, financing, current sugar operating requirements in Canada, and customary approvals.
Launch of Sucro Engineering Services
Sucro also announces Sucro Engineering Services (SES), a new business segment that formalizes Sucro’s decade of refinery design/build/operate experience into a turn-key offering spanning feasibility, process design, equipment procurement, construction oversight, operational support, and raw sugar sourcing. The business will deploy SucroZone® (Sucro’s proprietary, patent-pending sugar process technology) along with related control strategies, including PLC-driven real-time color control, which have demonstrated impressive improvements in internal applications. SES will be led by Kamran Siddiqi, VP Engineering, a long time Sucro employee who has directly supervised four cane sugar refinery construction projects in just the past 7 years. Mr. Siddiqi stated, “I am delighted to be leading Sucro’s proven team of engineers in this significant new commercial service. Our expert team has delivered proven industry breakthroughs, typically with significant cost savings. As a result of our experienced and accomplished new refinery design and construction team, we start this new venture with a firm order backlog extending through much of 2026.”
Mr. Taylor added, “Sucro has become a sugar industry leader through its unique platform of wholesale sugar distribution and a growing base of sugar refinery assets, driven by innovation and reinvestment. These newly announced growth initiatives are the direct result of these efforts and the expertise that Sucro has developed. We continue to expand across the Americas region, and leverage the expertise and experience of being a global leader in sugar refinery design and construction.”
Recent Share-Based Compensation Awards
On November 20, 2025 the Company announced the award of share-based compensation to directors and other service providers. Some of the details of the awards were omitted and are now provided. The Board of Directors awarded 11,865 restricted share units (RSUs) to non-executive directors as part of their annual retainer under the Company’s Omnibus Equity Incentive Plan. These RSU awards occur semi-annually in April and November of each year. The RSUs awarded will vest one year from the date of the award. The Company also granted stock options to acquire an aggregate of 5,000 Subordinate Voting Shares to a consultant of a Sucro subsidiary, with each option exercisable until December 31, 2028 to acquire one Subordinate Voting Share at a price of C$13.33 per share and vesting over a 25-month period from the date of grant. All awards are subject to regulatory approval.
