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.

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