SUGAR and building materials maker CSR is still at least two months away from revealing key details of its planned demerger of its sugar business, dashing investor hopes they will have a clearer picture when they meet management today, July 9.
However, the 154-year old company makes no apologies as a shaky recovery in the housing market and sluggish credit markets play havoc with the split proposal it first hit upon last year.
Managing director Jerry Maycock yesterday said how CSR planned to divide its $1.2 billion in debt, for example, would take “a couple of months”, according to The Australian Financial Review.
The company has not had an offer for the sugar business since it unveiled the demerger plan midway through last month, Mr Maycock said.
CSR is no closer to determining who will get its brand, although Mr Maycock hinted the CSR logo might be tough to remove from sugar sold in Australian supermarkets.
Meanwhile, CSR shares are little changed, closing yesterday at $1.52, up only 2c since the close before the demerger announcement on June 17.
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