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Tongaat Hulett shareholders have approved a planned rights issue to slash the sugar producer’s crippling debt, an outcome that could hand control of one of the stalwarts of the SA industry to a little-known Mauritius-based investment house.

The majority of investors gave the nod to proceeding with the highly dilutory rights issue, with Tongaat authorised now to increase its shares in issue 33-fold to 5-billion...

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