In a dramatic twist of events, Illovo Sugar Limited says it has not committed to reduce the price of Sugar as portrayed by the Ministry of Trade through a statement issued today, Zodiak online reports.
In a written response to Zodiak Online, Olive Kawelama, who is the Communications and Stakeholder Relations Manager for the company, said Illovo was only requested during a meeting held on Sunday, to consider reducing the price.
“Our understanding of the discussions was that the ministry requested Illovo to consider revisiting the price of industrial sugar as a condition for the ministry to consider cancelling the licenses for the importation of sugar.
“Illovo undertook to revert to the ministry within a week and is yet to submit its response as the one week has yet to expire”, says Kawelama.
She adds that the company will internally evaluate the press release issued by the Ministry of Trade and Industry, to directly respond to the ministry.
In the statement issued on Wednesday, Minister of Trade Simplex Chithyola Band, indicated that Illovo committed to reduce the price of sugar within a week, government has confirmed.
He further said government will be compelled to issue more import licences to more industry players to help cushion the price of commodities that use sugar as raw material, if the company does not reduce the price.
Illovo Malawi supplies more than 60% of its total sugar sales into the domestic consumer and industrial markets, and a portion of the balance exported regionally within the sub-continent.
