LONDON--Illovo Sugar Ltd. (ILV.JO), a South African sugar producer based in based in Mount Edgecombe, Durban, said Monday it has received a non-binding expression of interest from Associated British Foods PLC (ABF.LN) to buy the remaining shares in Illovo it doesn't already own for 20 South African Rand ($1.25) in cash a share.

ABF is Illovo's controlling shareholder with 51.35% of the company's shares.

Illovo said the board, excluding its ABF nominated directors, will appoint independent advisors to assist it in the process going forward.

"Discussions, which are still at an early stage, would, if successfully concluded, affect the price of the company's securities," Illovo said cautioning that at this stage there's no certainty the talks will lead to a deal.

-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

February 08, 2016 09:33 ET (14:33 GMT)

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