SUGAR producer, GoldStar Sugars (GSS) has resumed production of the commodity which had been suspended two weeks ago over a pricing dispute with its raw material suppliers.
In a statement, company secretary Aldo Musemburi said GSS had resumed both refining and supplying sugar to the market last week. The company, which is one of the country’s biggest sugar suppliers, suspended manufacture of the commodity two weeks ago after its suppliers of raw materials hiked prices, and altered trading terms.
In protest, GSS suspended operations pending the outcome of a re-negotiated, mutually beneficial agreement with raw material suppliers. It is unclear what price cut or better trading terms the company secured from its raw material suppliers. “GSS has resumed the supply of granulated white sugar to the market and will continue to do so for the foreseeable future. Customers have been advised of this development and the resultant refined sugar prices,” Musemburi said.
“Consequently, the Cautionary statement published … and the company’s website on 15 February 2023, is hereby withdrawn,” he added.
“The Company is grateful for the support received from its stakeholders, including the regulatory authorities, during this challenging period and regrets any inconvenience caused by the temporary closure of the refinery.” However, despite the shutdown, no shortage of sugar was experienced in the country. — New Ziana
