05:32 PM EST, 12/03/2024 (MT Newswires) -- Sucro ( SUGRF ) after close Tuesday said its subsidiaries entered into an agreement with Sucro's ( SUGRF ) principal shareholder, SC Americas, to buy equipment owned by SC Americas and used in the company's icing sugar processing operations in Trinidad for US$1.2 Million.

A subsidiary of the sugar refiner is acquiring processing, conveying, sorting and packaging equipment. The purchase price will be satisfied by offsetting it against indebtedness owing by SC Americas to another company subsidiary.

SC Americas, which hold a 51.6% stake in Sucro ( SUGRF ), is controlled by Jonathan Taylor, Sucro's ( SUGRF ) chief executive Officer. The company has been using the equipment owned by SC Americas in its Trinidad operations for several years without compensation to SC Americas.