RESTATEMENT
Losses pile up for Tongaat investors
The sugar producer’s shares have slumped 63% on the JSE in 2019 so far
Tongaat Hulett’s shares tumbled another 8%, pushing the loss of value for shareholders since the end of 2018 to almost R5bn after the company’s confirmation that it may have to restate previously released financial information. The sugar producer’s shares have slumped 63% on the JSE in 2019 so far, leaving it with a market capitalisation of R2.8bn, down from R7.5bn on December 31. The stock tumbled 8.28% to R20.82 on Thursday, the largest one-day slide since March 12. That drop had come days after it told investors that it had discovered "certain practices" that may lead to a restatement of previously released financial information. Tongaat hired PwC to assist with reviewing the issue and it confirmed on Wednesday that the auditing firm’s investigation could lead to a restatement that may have a "material effect on the price of the company’s securities". PODCAST: Behind the class action lawsuits against Tiger Brands Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Cast | Playe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.