Embattled Tongaat to restate financial statement
Restatement might affect the price of the company’s securities, shareholders warned
Embattled sugar and property group Tongaat Hulett has confirmed it is likely to have to restate previously released financial information due to the findings of the strategic and financial review launched in March. In an announcement to shareholders on Wednesday, the company said the restatement “might have a material effect on the price of the company’s securities”. One Tongaat shareholder told Business Day the latest announcement confirms not only problems with property sales but also his earlier concerns about the group’s long-term investment in sugar production. The Tongaat share price dropped 3.66% to close at R22.64. The share price has recovered marginally from the low of R15.15 reached days after the initial news of a comprehensive review two months ago. The company has had a torrid time since the early resignation of long-serving CEO Peter Staude in October 2018. In November it reported an interim headline loss for the six months to end-September. This was followed by a t...
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