Cape Times (Digital)

Cape Times (Digital)

1 Issue, 2021-04-30

Tongaat shares dive 27% as it staves off debt

Sandile Mchunu sandile.mchunu@inl.co.za TONGAAT Hulett’s share price tumbled by more than 27 percent on the JSE after the troubled sugar producer and agri-processing company said yesterday that it had amended its debt reduction milestone to prevent a default. The share plunged to a low of R7.55, ending up closing the day 22.8 percent lower at R7.99. Tongaat was rocked by an accounting scandal in 2019 and an investigation by PricewaterhouseCoopers revealed that some of its former executives were responsible for overstating assets and profits by using “undesirable accounting practices”. The group implemented a turnaround strategy under chief executive Gavin Hudson, but a huge debt of around R13bn has remained a sore thumb for the group. Tongaat said yesterday it paid debt reduction proceeds of R6.01 billion to…
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Cape Times (Digital) - 1 Issue, 2021-04-30

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