TURNAROUND STRATEGY
Capital raise still best course for Tongaat, says CEO Gavin Hudson
Sugar giant doesn't want to sell its assets and remains committed to a recapitalisation after takeover panel ruling scuppers plans
Sugar giant Tongaat Hulett is weighing up the next course of action after the mergers & acquisitions watchdog last week delivered a setback to its fundraising plans, CEO Gavin Hudson (https://www.businesslive.co.za/bd/opinion/2022-06-08-gavin-hudson-recapitalising-tongaat-will-protect-more-than-half-a-million-livelihoods/) writes in Business Day on Thursday.
The takeover regulation panel, an agency of the trade, industry & competition department, scuppered Tongaat’s plans to raise R4bn via a rights issue underwritten by Magister Investments last week when it nullified an earlier ruling that the Mauritius-based company would not have to make a mandatory offer to minorities...
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