French commodities trader, Tereos said its wholly-owned subsidiary, Tereos Commodities, will be shutting its operations in Africa.
Tereos Commodities a major trader of sugar has decided to sell off its assets and halt trading in Kenya and South Africa by the end of March 2020.
Tereos said the decision is part of its global review of its strategy.
In a statement cited by Reuters, “Tereos Commodities is planning to develop its organisation in certain geographies,”
“This would be achieved by closing its offices in South Africa and Kenya, and ending its sugar trading and distribution activities in these countries on March 31, 2020, at the latest,” the company said in the statement.
However, Tereos Commodities is still retaining its operations in France, Switzerland, Singapore, Brazil and India.