Isis Mill’s future to be decided today
Isis Mill shareholders will vote today on one of the biggest changes in the mill’s history
CANE growers who are shareholders in Isis Central Sugar Mill, which has been solely owned by local cane farmers for 125 years, will vote today in potentially one of the biggest changes in the mill’s history.
Isis Mill’s board voted unanimously to support a bid by Pakistani owned, Almoiz Group to invest $35 million into acquiring a majority stake in the mill across two stages.
If the shareholders support the move, approval will need to be acquired from High Court and Australian Securities and Investments Commission.
No Australian company had shown interest in investing in ICSM after it pursued options to look at third party investment to increase the viability of its asset.
ICSM employed KPMG Corporate Finance as financial advisers to check if the deal was in the best interest of shareholders, who were to be supplied the information in September.
Originally published as Isis Mill’s future to be decided today
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