Tongaat misses debt reduction target for the March quarter
Shares tumble 23% as failure prompts renegotiations with lenders
Tongaat Hulett, one of SA’s biggest sugar producers, whose reputation was tainted by misrepresentations of its financial results between 2011 and 2018, has failed to fully honour its debt commitment for the March quarter, prompting renegotiations with lenders.
The news sent its shares tumbling 23% to R8 by the close of trade on Thursday, in its biggest one-day drop since the stock resumed trading on the JSE in February 2020 after a seven-month suspension. ..