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Magister Investments, the Mauritius-based firm that offered to underwrite sugar producer Tongaat Hulett’s proposed R4bn rights issue, is to appeal against a decision by regulators to revoke a waiver exempting it from making an offer for all of the group’s shares.

Tongaat said in a statement that it, however, had decided not to join the appeal against the takeover regulation panel’s ruling, which follows an investigation that concluded that parties seen as related to Magister dealt in Tongaat shares during a prohibited period...

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