The Overseas Investment Office has approved CSR's sale of Sucrogen, which owns the Chelsea Sugar Refinery, to Singaporean company Wilmar International for $A1.75 billion.The sale is expected to be completed next Wednesday December 22.CSR has proposed to r
The Overseas Investment Office has approved CSR’s sale of Sucrogen, which owns the Chelsea Sugar Refinery, to Singaporean company Wilmar International for $A1.75 billion.
The sale is expected to be completed next Wednesday December 22.
CSR has proposed to return about $A800 million to its shareholders (about 52.7c per share) following the completion of the sale.
The return of funds will consist of a capital return (subject to CSR shareholders’ approval) and a fully-franked special dividend.
CSR chairman Dr Ian Blackburne said: “the sale represents a successful outcome for all CSR stakeholders.
“Following the $A800 million return to shareholders, CSR will have a strong balance sheet to support the growth of its Building Products business while continuing to meet its asbestos obligations.
“The combination of a special dividend and capital return is an equitable, timely and tax effective way to return surplus funds to our shareholders.”
The asbestos liability is a result of its blue asbestos mine at Wittenoom in Western Australia, which operated from the 1940s until its closure in 1966.
The death toll from exposure to the asbestos is said to be still growing.
