Kenana Sugar Company plans Hong Kong IPO

Kenana Sugar Company wants to  launch a $200 mn IPO in Hong Kong.

Sudanese regard the company as a shinning example, while the Kuwaiti and Saudi shareholders  (31% and 11%) are less happy about their investment that dates back to the 1970s when the Gulf countries wanted to develop Sudan as an Arab bread-basket.

Why Hong Kong? Getting access to Chinese capital, even though China has recently backed out of an agro project in the country as Sudan could not deliver the oil collateral for loans anymore?

Sudan has a sugar plan in place that wants to increase sugar production in the country tenfold by 2020, but Gulf countries have shown no interest so far to increase their investment beyond Kenana.

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