tongaat hulett news today

It employs 23347 people. Unfortunately, the lenders informed Tongaat they were unable to further extend the repayment date for the borrowing base facility. Operating Status Active. Over 500 000 dependents and community members across SADC rely on Tongaat Hulett for their livelihood. 22nd June 2019 by Alec Hogg. Tongaat Huletts shares will remain suspended on the JSE. Struggling sugar producer Tongaat Hulett, which is choking on a SA debt pile more than ten times its market value, is heading for business rescue after failing to get a nod from lenders on its restructuring plan. By Reon Janse van Rensburg. Essay Sample. However, it said its other operations would continue to trade uninterrupted. Tongaat Hulett ("Tongaat" or "the Company") today announced that the critical next step in delivering the comprehensive restructuring strategy to reduce its excess debt to sustainable levels and ensure the sustainability of the group has been completed. TRP withdraws previous Tongaat Hulett ruling. Johannesburg Stock Exchange-listed sugar producer Tongaat Hulett Limited, has committed to partake in the delivering of an upper middle-income economy by 2030 as expounded by Government and the sugarcane miller has begun taking steps towards the attainment of the vision. These events, and the delays experienced in the recapitalisation of the Company have contributed to further increasing the debt burden. Today's ePaper [click to subscribe] The Namibian, Wednesday 2 Nov 2022. On, January 18, 2022, Harry Smit announced that, it has formed a group of 15% retail shareholders on January 17, 2022. and lobbied with Tongaat Hulett Limited to postpone the Extraordinary General Meeting to allow shareholders more time to digest the December circular and get more details. Uncover why Tongaat Hulett is the best company for you. The Board has approved the capital restructuring plan created by the Chief Restructuring . Business rescue practitioners appointed; will convene meetings with employees and creditors within ten days. The Board believes business rescue should potentially result in a better return to stakeholders than a forced liquidation. 1463 Words. It says despite the negative financial implications on other bodies that are dependent on it, the board says business rescue is the most responsible action. Tongaat Hulett has been around for 128 years. Distributed by Public, unedited and unaltered, on 10 June 2022 10:11:16 UTC. While the Company has interest from both existing shareholders and potential new equity investors to support the recapitalisation and retain our existing operating footprint, no-one has been able to provide the total funds required within the time needed to do so. Newsday News. Food and Allied Workers Union members at Tongaat-Hulett (Ingrain) will down tools today. Contact Email info@tongaat.com. The restructuring plan, which was developed by the recently appointed CRO with the support of the Restructuring Committee, seeks to address how this excess debt can be repaid in a manner that recognises the South African lenders' secured position while accommodating other stakeholders' requirements to the fullest extent possible. Tongaat Hulett plays a systemic role in the food security of the region and the economy of South Africa. "Further to the announcement on 6 August 2018 that Mr Peter Staude will retire as chief executive . Without this funding, the Board concluded that Tongaat is, or would be, facing financial distress, as defined by the Companies Act and that the South African operations are no longer financially sustainable without further liquidity. 540. We have dedicated people working very hard to find the best way forward, and the leadership team is committed to working closely with the business rescue practitioners to ensure a successful outcome to the restructuring of the company that protects those associated with Tongaat.. Tongaat Hulett Limited annonce des changements de direction: 05/19: Tongaat Hulett Limited annonce des changements au sein de son conseil d'administration: 04/21: Tongaat Hulett Limited annonce la dmission de GJ (Graham) Clark en tant que directeur .. 01/18: Harry Smit demande instamment Tongaat Hulett Limited de reporter l'assemble . The South African lender group has unfortunately informed the Company that they will not be able to continue supporting the company with additional funding in South Africa. Create an alert to follow the executive moves at Tongaat-Hulett. Picture: Supplied. Company Type For Profit. Company tel 032 439-4019 . However, some of Tongaat Hulett's managerial members will also be affected by retrenchments. Sugar giant Tongaat Hulett confirmed on Tuesday that it has asked a legal team to pursue recourse from auditing firm Deloitte. Tongaat shares closed at R9,02 - the highest in nearly seven months. The . Within ten days of the appointment of the business rescue practitioners, they will host the first meetings of employee representatives and creditors. Ishemunyoro Chingwere Business Reporter. Minority shareholders and activists in Tongaat Hulett are mounting a fightback against a proposed R2-billion sale of new shares by major sugar group Tongaat Hulett to the Zimbabwean Rudland family . In total, 14 stories have been published about Tongaat which Ground News has aggregated in the past 3 months. These three businesses are funded independently from the Company and should be largely unaffected by the adverse circumstances affecting the Company. is one of South Africa's leading news and information websites bringing . That is until what the media dubbed "The Sugar Wars," in 1962 resulted in a hostile take-over by a Tongaat . 23 Sep. The debt . Published Nov 3, 2022. You can email the site owner to let them know you were blocked. The mission statement of Tongaat Hulett Limited is also inspirational in that it develops the need for growth and progress in individuals - for the betterment of not only the company but also for their own selves. Beleaguered sugar and property group Tongaat Hulett released the "key findings" of PwC's forensic investigation into the group's financials and operations today, which points to serious . Specific and sharp. David Noko who was Independent Non-Executive Director, becomes Interim Chairman of the Board (posted on June 1 2022). For every job created by Tongaat Hulett South Africa, 10 jobs are supported elsewhere in the economy.". JOHANNESBURG - The South African Cane Growers Association (SACGA) said on Wednesday nearly 15,000 jobs hang in the balance as company Tongaat Hulett Limited missed its . ZIMBABWE'S controversial Rudland family is set to take control of the 130-year-old . The operations of the company remain uninterrupted. This follows the pending retirement of current CEO Peter Staude at the end of next month. Tongaat Hulett : Changes to the board and board committees and appointment of a chief rest.. Tongaat Hulett Limited Announces Executive Changes. Good progress was made on a variety of fronts, including realising cost savings and improving available funding. 0. Over the past four years, debt has reduced by more than R6 billion from a high of R11.7 billion through the selected sale of assets and various cost and liquidity management actions. Tongaat Hulett : Changes to the board and appointment of a chief restructuring officer and.. Tongaat Hulett : Update on debt negotiations and delay to publication of results, Chief Executive Officer & Executive Director, Chief Financial Officer & Executive Director. Philippa Larkin TROUBLED Tongaat Hulett, . Additionally, recapitalising Tongaat will protect more than half a million livelihoods. It produces and sells various refined carbohydrate products from sugarcane and . The company was formed as a result of a merger between the Tongaat Sugar . Click to reveal 21C. Tongaat Hulett is an agriculture and agri-processing business, focusing on the complementary feedstocks of sugarcane and maize. Critical point reached to realise restructuring benefits. Magister has applied to the Takeover Special Committee ("TSC") for a hearing regarding the TRP's ruling. Find out what works well at Tongaat Hulett from the people who know best. 0.23 EUR -0.02 -7.26%. Company Information. Business rescue is a legal process governed by the Companies Act. Picture: Tawanda Mudimu. FSE. Cloudflare Ray ID: 766c42fd9fcad619 The company, which was placed in business rescue on October 27th, missed a deadline to pay R401 million for cane delivered by about 4 300 growers. The Board believes that business rescue is the most responsible step in the circumstances. The group wishes to recruit recently qualified graduates aged 26 years and below . January 18, 2022. Johannesburg Stock Exchange-listed sugar producers Tongaat Hulett Limited, has appointed Zimbabwean Sydney Mtsambiwa as its interim chief executive officer. Stock. The previous board also needs to be accountable for where Tongaat finds itself currently," added Logan. Debt-laden Tongaat Hulett may sell its . Tongaat Hulett's ailing fortunes in recent years appear to be on a trajectory of recovery, judging by its recently released interim financial results for the first half-year ended September 30, 2020 (H1 2020). If Tongaat Hulett's business rescue failed the Sugar Master Plan could be derailed, South Africa could experience an influx of imports leading to an estimated 700 000 jobs being lost, thereby . Phone Number +27324394000. He has worked for Tongaat Hulett for more than nine years. Tongaat-Hulett Limited published this content on 17 October 2022 and is solely responsible for the information contained therein. -, TONGAAT HULETT UPDATE ON TRP PROCESS AND PROPOSED RECAPITALISATION, Tongaat Hulett : Board approves capital restructuring, Tongaat Hulett : Disclosure of disposal of securities by PSG Asset Management (Pty) Ltd. An unknown buyer acquired an unknown stake in Tongaat Hulett Limited from PSG Asset Management Ltd. An unknown buyer acquired an unknown stake in Tongaat Hulett Limited from PSG Asset Man.. Tongaat Hulett : Restructuring plan timimg set; request made to jse to suspend share tradi.. Tongaat Hulett : Request for temporary suspension, delayed distribution of the annual repo.. Tongaat Hulett : Disclosure of acquisition of securities. -, TONGAAT HULETT BOARD APPROVES CAPITAL RESTRUCTURING, Tongaat Hulett : Board approves capital restructuring, Tongaat Hulett : Disclosure of disposal of securities by PSG Asset Management (Pty) Ltd. An unknown buyer acquired an unknown stake in Tongaat Hulett Limited from PSG Asset Management Ltd. An unknown buyer acquired an unknown stake in Tongaat Hulett Limited from PSG Asset Man.. Tongaat Hulett : Restructuring plan timimg set; request made to jse to suspend share tradi.. Tongaat Hulett : Request for temporary suspension, delayed distribution of the annual repo.. Tongaat Hulett : Disclosure of acquisition of securities. Peter Van den Steen, Trevor Murgatroyd and Gerhard Albertyn of Metis Strategic Advisors will be appointed as the business rescue practitioners and are highly experienced and well-qualified, having completed various high-profile business rescues in South Africa in recent years.

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