Maputo, Mozambique, 09 Feb – French group Tereos, the second largest European sugar manufacturer, has acquired a 50 percent stake in Sena Holdings Ltd, the company which owns the largest sugar refinery in Mozambique, company officials said Thursday.

The deal was carried out via a capital increase and Tereos invested US$30 million in acquiring the stake.

Under the terms of a deal signed with Sena Holdings, a Mauritius-based consortium which thus far controlled 100 percent of Sena Company, the capital increase from US$20 million to US$40 million was totally subscribed by the Tereos group which also provided a shareholder loan of US$10 million.

The agreement was reached at the end of December, but was only made public Thursday, with the transaction being concluded this month.

Sena Company is the largest and most modern sugar refinery in Mozambique and is located in Marromeu, on the southern bank of the Zambezi River. (macauhub)