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Milling joint venture a step closer

A planned joint venture of sugar cane milling facilities in far north Queensland is now a step closer to proceeding following advice from the Foreign Investment Review Board (FIRB).

The Maryborough Sugar Factory (MSF) and Bundaberg Sugar (BSL) announced a 50/50 joint venture covering the northern sugar cane milling operations of both parties.

“Following discussions with the FIRB and our advisers, we are now in a position to proceed to the next stage of our proposed joint venture,” Mike Barry, MSF CEO, said.

“We now look forward to completing this transaction and having the joint venture ready for the 2011 sugar crushing season.”

The remaining approval required is from the Australian Competition & Consumer

Commission (ACCC). A response from the ACCC is expected by the end of this month.

 

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