The companies do not agree on the pandemic being an event that affects terms of the sale
Darnall Mill: One of Tongaat Hulett’s four mills in KwaZulu-Natal. Picture: TONGAAT
Barloworld said on Tuesday it is of the view that Covid-19 global pandemic is likely to cause the earnings before interest, taxation, depreciation and amortisation of the business for the year to end March 2021 to be 82.5% or less of the ebitda of the business for the financial year ended March 2020, and that, therefore, a “material adverse change” has occurred.
The announcement that Barloworld was interested in the starch business had come as a surprise to the market, given that the company’s expertise lay in earth-moving equipment, FNB Wealth & Investments portfolio manager Wayne McCurrie said.
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