Tongaat investors back lifting borrowing restrictions
Vote paves way for sugar producer to access R12bn in new credit lines to refinance existing debt
09 January 2020 - 10:28
UPDATED 09 January 2020 - 23:38
In a vote that throws a lifeline to scandal-plagued Tongaat Hulett, shareholders of the sugar producer have overwhelmingly backed plans to alter its founding documents to remove borrowing restrictions.
Tongaat, which is in the middle of cleaning up its balance sheet after a devastating accounting scandal, said on Thursday more than 90% of its shareholders had voted in favour of tweaking its memorandum of incorporation — a document that defines the structure and obligations of South African companies...
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