Tongaat Hulett delays release of results

Sugar producer Tongaat Hulett says its annual results for the year ended March 2022, will be delayed.

The embattled group has been grappling with a R6.8 billion debt pile, leading it to embark on a R5 billion rights issue, with about R2 billion to be underwritten by Mauritius-based company Magister Investment.

But a ruling by the Takeover Regulation Panel (TRP) earlier this month put the arrangement with Magister at stake.

In a statement on Wednesday, the company said it was still engaging with stakeholders on a possible rights issue “as a sustainable solution”.

“The lenders remain supportive of Tongaat Hulett and the company is currently engaging with them to provide liquidity which will allow further time to progress a comprehensive restructure solution,” said the sugar producer.

Tongaat, which was meant to publish its results by 30 June, did not provide any details on when the results are likely to be published.-eBusiness Weekly