premise: Zambia Sugar Plc, is a company based in Mazabuka, Southern Province, Zambia and is the largest sugar producer in Zambia. The company is listed on the Lusaka Stock Exchange (symbol: ZSUG) with 82% of the shares held by Illovo Sugar Limited of South Africa (a subsidiary of Associated British Foods) and the balance by institutional and private shareholders in Zambia.
hypothesis: Institutional and private shareholders in Zambia own less than 20% of the shares for Zambia Sugar Plc.
reason: They own the balance which is 18% of the shares, which is less than 20%. It's difficult because verifying the statement requires multiple calculations and analyzing different parts of the text.