[JUST IN] Tongaat Hulett on Tuesday secured enough shareholder support for a controversial multi-billion-rand capital raise or rights offer, which will involve Zimbabwe’s billionaire Rudland family. Moneyweb CompanyNews
Embattled JSE-listed sugar producer and property owner Tongaat Hulett on Tuesday secured enough shareholder support for a controversial multi-billion-rand capital raise or rights offer, which will involve Zimbabwe’s billionaire Rudland family.
R5.3bn starch unit sale will slash Tongaat’s debt by 40% Tongaat Hulett’s new executive leadership, led by CEO Gavin Hudson, have managed to slash the group’s debt from over R11 billion following the restatement. This includes the more than R4 billion sale of its starch business to Barloworld. However, with the group’s market capitalisation is currently only around R740 million, its current R6.5 billion debt remains an unsustainable bugbear for Hudson and the board. jQuery.on { event.
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