Agri-processing group Tongaat Hulett will sell its starch business to Barloworld for R5.35bn in a move to reduce its R13bn debt.

Tongaat, which recently reported a headline loss of R314m for the six months to end-September, is selling assets to cut debt by R8.1bn by March 2021. The former blue-chip company also intends to ask shareholders for about R4bn in a rights offer.

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