Another losing bidder for Tongaat jumps into the fray
02 November 2023 - 22:54
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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