Zambia Sugar Plc, is the largest sugar-manufacturing company in Zambia, with annual output in excess of of crystalline sugar annually, as of November 2018. The company

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

is listed of the Lusaka Stock Exchange, where the shares trade under the symbol: ZSUG. During the financial year ended 31 August 2021, sugar production grew to 397 032 tonnes.

Location

The company headquarters are located in the town of Mazabuka, in Mazabuka District, in the Southern Province, Zambia. The company owns, operates and maintains ''Nakambala Sugar Estates'', located in Nakambala, a suburb of Mazabuka, approximately by road, southwest of

Lusaka Lusaka (; ) is the Capital city, capital and largest city of Zambia. It is one of the fastest-developing cities in southern Africa. Lusaka is in the southern part of the central plateau at an elevation of about . , the city's population was ab ...

, the national capital and largest city in Zambia. The geographical coordinates of Nakambala are:15°49'58.0"S, 27°46'53.0"E (Latitude:-15.832778; Longitude:27.781389).

Overview

As of 31 December 2019, the company's total assets were ZMW:3,949,763,000 (US$217 million), with shareholders' equity of ZMW:1,412,679,000 (US$78 million).

History

The Nakambala Sugar Estate was founded in 1964 by Tate & Lyle Limited, on the southeastern edge of the Kafue Flats at Mazabuka. By 1968 the estate was growing sugar cane on , using the sugar mill which had been moved from Tate & Lyle's failed sugar operation at Chirundu and irrigation water from the Kafue River. By 1976 the estate was producing of sugar from under cultivation. Production rose to over of refined sugar from of farmland, by 1983. In 1972 the Zambia Sugar Company Limited, which operated the estate, was nationalised and Industrial Development Corporation of Zambia (then abbreviated ''INDECO'') acquired 51 percent of the shares of the company, while Tate and Lyle retained 49 percent. In 1975 INDECO raised their stake to 75 percent, with Tate and Lyle retaining 11 percent, with the remaining 14 percent being taken up by other private investors. In 1995 Zambia Sugar Company Limited was repurchased by Tate & Lyle, who increased their stake to 51 percent, Commonwealth Development Corporation (CDC Group) took up 31 percent and the remaining 18 percent was acquired by ''Zambia Privatisation Trust Fund''. In 1996 the company floated its shares of

on the Lusaka Stock Exchange as Zambia Sugar Plc. In 2001 Tate and Lyle sold its interest in Zambia Sugar Plc to Illovo Sugar of South Africa. Illovo made an offer to minority shareholders, as required by Zambian law, and increased shareholding to 90 percent. By 2006, sugar production had increased to 240,000 tons annually. Between 2007 and 2010 the company implemented a major expansion program and increased the area in production from to nearly of irrigated farmland. In 2009, Zambia Sugar Plc acquired a controlling interest in ''Nanga Farms Plc'', who owned sugar farms adjacent to Nakambala with production capacity in excess of 350,000 tones of raw cane annually. That same year, Illovo reduced shareholding to 81.6 percent. Illovo Group Holding Limited reduced shareholding in Zambia Sugar Plc to 75 percent in 2014, to comply with new rules at the Lusaka Stock Exchange. As of 14 April 2022, Zambia Sugar is currently the third most valuable stock on the Lusaka Stock Exchange with a market capitalization of ZMW 5.59 billion.

Operations

In 2013, the company launched the ''Manyonyo Outgrower Scheme'', an initiative of the

government of Zambia The politics of Zambia takes place in a framework of a presidential representative democratic republic, whereby the president of Zambia is head of state, head of government and leader of a multi-party system. Executive power is exercised by ...

, funded by the government of Finland and the African Development Bank. It involves 145 small-sale farmers who grow sugarcane on their land and sell the raw cane to the company. As of 2014, Zambia Sugar Public Limited Company employed 6,014 people, some of whom were permanent, others temporary and still others were seasonal. In 2021, the Company's revenue grew to a record high of ZMW 4,989 billion up from ZMW 3,335 billion recorded the previous year. And after 24 years of service, Rebecca Katowa retired as MD Zambia Sugar Plc. Rebecca is succeeded by Oswald Magwenzi former Managing Director Ubombo Sugar.

Ownership

The shares of stock of Zambia Sugar Plc are listed on the Lusaka Stock Exchange, where they trade under the symbol: ZSUG. The table below illustrates the shareholding in the company as of 31 August 2017.

References

External links

Official Website
{{coord, 15, 49, 58, S, 27, 46, 53, E, display=title Agriculture companies of Zambia Sugar companies Mazabuka Companies listed on Lusaka Stock Exchange