Another losing bidder for Tongaat jumps into the fray
Yet another losing bidder for sugar firm Tongaat Hulett has come forward to disclose the details of their unsuccessful bid, ahead of a vote in November by creditors who are expected to approve or reject the proposed sale.
US-based private equity firm Lusitania Investment Capital, which runs the Fund for Sustainable Sugar Industry Development in Africa, had made a bid worth R3bn-R4bn for the company’s Mozambican sugar operations in 2022 to the previous board of Tongaat prior to business rescue...
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