Tongaat to delay release of financial results
The sugar giant says it needs time for a more comprehensive solution to its problems
Highly indebted sugar mill company Tongaat Hulett has told shareholders it will not be able to release its financial statements for the year ended March 31 by June 30 as required by the JSE.
This comes as the 130-year-old company grapples with a debt pile of nearly R7bn and is challenged by a small group of investors that are fighting off a controversial rights offer. If accepted, the offer could give Mauritius-based Magister — run by Hamish Rudland, whose brother Simon operates Zimbabwe-based Gold Leaf Tobacco — a majority stake at a bargain price...