In a sign that investors are not convinced about Tongaat Hulett’s turnaround strategy, the agri-processing company’s share price crashed by two-thirds on its first day of trade on the JSE after a seven-month suspension.

Shareholders, who had been prevented from exiting the company since June, reacted to its return to the market by pushing the shares down 67% to a record low.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now