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Artemis Investments has boosted its stake in Tongaat Hulett to 10%, the company said in a statement on Tuesday, putting it behind only the Public Investment Corporation (PIC) as the biggest shareholder and fortifying its weight in the strategic direction of the sugar maker.

The news was well received by the market as Tongaat’s share price surged 17.78% to R4.77 — the highest level in six months. It is up more than 80% since the Magister rights waiver deal fell through in late June...

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