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CSR shareholders benefit from sugar sale

On Friday 7 January 2011, 11:10

CSR shareholders are to receive some of the proceeds from the sale of the building products group's sugar business.

The company says this will take the form of an $800 million capital return and special dividend, it is also consolidating three of its shares into one.

CSR sold its Sucrogen business to Singapore's Wilmar International for $1.75 billion last year, shareholders are set to benefit by receiving 43.57 cents per share as a capital return and 9.13 cents per share as a special dividend.

CSR has posted consecutive annual net losses in its last two financial years, after what was described as the disastrous acquisition of the Viridian glass business under former managing director Jerry Maycock.

By 10:20 am (AEDT), CSR shares were trading 2.4 per cent higher at $1.69.