Illovo Sugar - Sale of Monitor Sugar Company

Illovo Sugar - Sale of Monitor Sugar Company                                    
ILLOVO SUGAR LIMITED                                                            
(Incorporated in the Republic of South Africa)                                  
Company registration number 1906/000622/06                                      
Share Code: ILV                                                                 
ISIN: ZAE000003547                                                              
("Illovo Sugar")                                                                
Sale of Monitor Sugar Company                                                   
Further to the announcement of 6 August 2004, wherein shareholders were advised 
that Illovo Sugar had entered into a sale agreement with Michigan Sugar Company 
for the sale of its shareholding in Monitor Sugar Company in the United States, 
and the conditions precedent having been fulfilled, shareholders are now advised
that the consideration payable was settled at US$ 39.2 million, of which US$    
36.0 million has been settled in cash and US$ 3.2 million by delivery of a ten  
year promissory note. Upon receipt of the cash, Illovo Sugar immediately settled
liabilities in Monitor Sugar Company of US$ 20.9 million. The earn-out payments 
remain at US$ 5.0 million.                                                      
Mount Edgecombe                                                                 
6 October 2004                                                                  
Sponsor                                                                         
Cazenove                                                                        
Date: 06/10/2004 02:33:39 PM Supplied by www.sharenet.co.za                     
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