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Tongaat Hulett’s planned rights offer to raise R4bn could be scuppered if an investigation ordered on Tuesday by the Takeover Special Committee goes against it, delaying the debt-laden sugar producer’s efforts to repay lenders.

Tongaat, which cannot meet its debt obligations and has R2bn due at the end of March, however, says it is still committed to “recapitalisation” to save the business, even if the current rights offer falls away...

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