A capital raise will maintain Tongaat’s crucial role in socioeconomic development in key Sadc markets
A Tongaat Hulett sugar cane field. Picture: BLOOMBER/WALDO SWIEGERS
As a crucial role player in socioeconomic development in KwaZulu-Natal and key Southern Africa Development Community markets, I’m proud to say we have maintained our socioeconomic contributions during the last two years as a core part of our comprehensive turnaround strategy. Tongaat’s ability to continue to maintain these investments will be greatly affected by whether we can reduce our debt levels.
This will be key as we continue to support our employees in KwaZulu-Natal, part of our 29,000-strong, group-wide workforce. Our group in turn supports over 500,000 dependants and community members across the Sadc. The panel’s investigation focused on whether a third party who bought shares in Tongaat Hulett after the announcement of the rights offer is related to, and therefore deemed to be a concert party of, Magister, the proposed underwriter. It concluded that the third party and Magister are concert parties.