Sucro Announces Agreement for Purchase of Trinidad Equipment from Principal Shareholder

CORAL GABLES, Fla., Dec. 3, 2024 /CNW/ – Sucro Limited SUG SUGCF (“Sucro” or the “Company“), an integrated sugar refiner focused primarily on serving North American sugar markets, announced today that subsidiaries of the Company have entered into an agreement (the “Agreement“) with Sucro’s principal shareholder, SC Americas Corp. (“SC Americas“), for the purchase of certain equipment owned by SC Americas and used in the Company’s icing sugar processing operations in Trinidad. SC Americas, which owns approximately 51.6% of the voting and equity shares of the Company, is controlled by Jonathan Taylor, the President, Chief Executive Officer and a director of the Company. The Company has been using the equipment owned by SC Americas in its Trinidad operations for several years without compensation to SC Americas.

Under the Agreement, a subsidiary of the Company will acquire the processing, conveying, sorting and packaging equipment for a purchase price of US$1.2 million. The purchase price will be satisfied by offsetting it against indebtedness owing by SC Americas to another Company subsidiary.

The proposed transaction is considered to be a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (the “Rule“) and TSX Venture Exchange Policy 5.9 (the “Policy“). The proposed transaction is however, exempt from the formal valuation and minority approval requirements of the Rule and Policy as the fair value of both the equipment and the consideration therefor were less than 25% of the Company’s market capitalization at the relevant time. The proposed transaction is subject to all necessary regulatory approvals.

About Sucro

Sucro is a growth-oriented sugar company that operates throughout the Americas, with a primary focus on serving the North American sugar market. The Company operates a highly integrated and interconnected sugar supply business, utilizing the entire sugar supply chain to service its customers. Sucro’s integrated supply chain includes sourcing raw and refined sugar from countries throughout Latin America, and refined sugar from its own refineries, and delivering to customers in North America and the Caribbean. Since its inception in 2014, Sucro has achieved growth by creating value for customers through continuous process innovation and supply chain re-engineering. Sucro has established a broad production, sales and sourcing network throughout North America with two cane sugar refineries and an additional value-added processing facility, and two cane sugar refineries under development in Hamilton, Ontario and University Park, Illinois (a suburb of Chicago). The Company has offices in Miami, Mexico City, Cali, Sao Paulo, and Port of Spain. For more information, visit sucro.us and follow us on LinkedIn.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Sucro Limited