Tongaat board in hurry to hone rescue plan
‘The reality is that we need to do something about the debt relatively quickly’
02 February 2020 - 21:05
Agri-processing group Tongaat Hulett’s board will meet within a week to discuss options to urgently reduce the company’s debt burden.
Tongaat, which has total borrowings of almost R13bn as at end-September 2019, intends to cut its debt by R8.1bn in just over a year through a combination of reduced capital expenditure, a R4bn capital raise and asset disposals. ..
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