Embattled agri-processing group Tongaat Hulett has taken another step towards reducing its debt after the sale of a property in Umhlanga for R167m to JSE-listed property company Balwin Properties. 

The sale of 64ha to Balwin, SA’s largest sectional title developer with a R1.77bn market capitalisation, comes after the company, one of the biggest landowners and employers in KwaZulu-Natal, said earlier in February it was in talks for the potential sale of the starch business as it battles a R13bn debt pile.

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