Tongaat’s revival plans get major boost with Barloworld told to pay up
22 September 2020 - 12:00
UPDATED 22 September 2020 - 20:09
In a victory for Tongaat Hulett, which almost collapsed amid SA’s biggest accounting scandal after Steinhoff, an independent expert has determined that the Covid-19 pandemic is not an excuse for Barloworld to back out of a deal to buy the sugar maker’s starch business.
Shares in Tongaat, which is cleaning up its balance sheet after dodgy bookkeeping practices forced it into hefty writedowns, rallied more than 15% to R6.20 on Tuesday, the biggest one-day gain since early May, as the ruling is seen as key to its efforts to shore up its finances and fix its lopsided capital structure...
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.