Tate & Lyle sells Vietnam branch

TATE & LYLE yesterday announced that it has agreed to sell its Vietnamese sugar business in a cash deal worth £33m, subject to regulatory approval.

The sale to Vietnam firm TH Milk Food Joint Stock Company is part of the firm’s efforts to address its debt pile.

The transaction is conditional on the Vietnamese government approving the deal.

It also potentially requires Tate & Lyle’s partner in the business, Mitr Phol Saturn Investments, to forego its right to buy the business.