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Tongaat Hulett’s market value almost halved on Wednesday as the former JSE heavyweight that almost collapsed after an accounting scandal proposed tapping shareholders for as much as R4bn to cut its crippling debt pile.

Though Tongaat has R8.5bn worth of property, the market slowdown in the wake of the violent civil unrest that hit Gauteng and KwaZulu-Natal in July has eroded how much it could raise in a forced sale...

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