The refinancing by Parmalat Africa Ltd and Parmalat South Africa (Pty) Ltd of their indebtedness with Bank of America was completed on 30 September. The financial exposure of Parmalat Africa Ltd and Parmalat South Africa (Pty) Ltd, to Bank of America was reimbursed through a refinancing provided by a major international bank located within South Africa. An additional capital increase of US$26,000,000 equivalent for Parmalat South Africa (Pty) Ltd will be finalized shortly by Parmalat Africa Ltd, the Parent Company.
