Disposal of Illovo's 80.25% interest in Mon Tresor Mon Desert (MTMD)

PRESS RELEASE

- Disposal of Illovo's 80.25% interest in Mon Tresor Mon Desert (MTMD)/
acquisition of Tate & Lyle's 50.87% shareholding in Zambia Sugar and offer to
minorities, in terms of the Lusaka Stock Exchange (LuSE) rules, upon completion
The sale of Illovo's Mauritian sugar and hotel assets will not only allow the
Illovo group to reduce its current debt commitments but will also provide the
necessary cash resources with which to purchase Tate & Lyle's 50.9%
shareholding in Zambia Sugar Plc.

The acquisition of Zambia Sugar will increase the group's productive base to
well over two million tons of sugar and will significantly enhance the future
earnings prospects of the group.

Speaking on the disposal of the Mauritius operation, managing director, Don
MacLeod, said that the MTMD shareholding with its two hotels had always posed a
difficulty in terms of Illovo "fit", particularly as they generated a large
portion of the profits.  "We said at the time of the Lonrho acquisition that
the hotels were non-core," said Mr MacLeod.  Other concerns were the lack of
any future expansion potential within the Mauritian sugar industry, the long
term future of preferential market arrangements (under which Mauritius sold its
entire annual sugar production into Europe and the United States) and the
relatively high sugar production costs, compared to Illovo's other African
operations

The final sale agreement has been signed by Illovo and the Brait /

PriceWaterhouseCoopers consortium but is subject to various other conditions,
not the least of which are the satisfactory completion of a due diligence
exercise and the finalising of the required debt portion of the funding by the
consortium.  As is stated in the cautionary statement published on 14 February
2001 however, it is hoped that the effective date of transaction will be on or
about 2 April 2001.

"We are naturally excited about the prospect of acquiring the Zambian Sugar
operation, both from the point of view of expanding the group's sugar

production and of improving the group's overall earnings potential," said Mr
MacLeod.  This transaction is subject to various conditions, as detailed in the
cautionary announcement released today, including a satisfactory due diligence
exercise.

Zambia Sugar Plc, listed on the Lusaka Stock Exchange, is the country's sugar
producer and is located to the south-west of Lusaka, at Nakambala.  In the year
to 31 March 2001, 209 270 tons of sugar was produced.

Similar to the group's other African operations, Nakambala has access to secure
water supplies for irrigation from the Kafue River and combined with good
growing conditions, produces an annual cane crop of 1.15 million tons.  The
milling and refining operations are in a sound condition and have benefited
from the global support provided by its current major shareholders and
managers, Tate & Lyle, one of the world's leading sugar multi-nationals.
"An added feature of the agricultural operations is the existence of a small
growers' company which has been established by local farmers in collaboration
with Tate & Lyle and CDC (Zambia Sugar's second single biggest shareholder -
28%) to promote the growth and development of sugar cane agriculture in Zambia.
 These farmers currently supply about 10% of total cane supplies to the mill,"
said Mr MacLeod.

Zambia Sugar supplies the domestic market, under the Whitespoon trade mark and
has a preferential quota to supply Europe with about 16 000 tons of sugar
annually.  It is expected to supply about 14 000 tons into South Africa in
terms of the recently agreed SADC Sugar Protocol.  It also supplies other
regional markets.  Zambia is currently ranked as the 3rd lowest-cost sugar
producer in the world by a leading commodities consultancy.

Mr MacLeod said that the acquisition of Zambia Sugar would be a "strategic fit"
for Illovo, enhancing significantly the group's objective of becoming Africa's
leading sugar producer and a world class, low cost operation.  "Our underlying
philosophy is to be involved in operations where we can use Illovo's

agricultural and milling expertise to optimise value - the acquisition of
Zambia Sugar provides us with a perfect opportunity to do just that, for the
benefit of our shareholders," said Mr MacLeod.
ENDS