Tongaat offloads Namibian company to Bokomo
Selling sugar packaging and distribution business is part of a drive to ditch noncore assets in line with ongoing strategic and financial review
Embattled sugar and property company Tongaat Hulett said on Tuesday it has sold its Namibian business for R220m to reduce debt, which is nearly four-and-a-half times its market capitalisation.
The company — which according to its figures had net debt of R7.75bn at September 30, 2018 — is selling noncore assets in line with its ongoing strategic and financial review. Tongaat’s market capitalisation was R1.785bn in June, when it voluntarily suspended trade on the JSE.