Tongaat to ask shareholders for larger capital raise to pay debt
SA business’s cash flow to March ‘considerably worse’ than forecast after December refinance
19 April 2022 - 20:38
Sugar giant Tongaat Hulett on Tuesday advised shareholders it will have to bump up its capital raise by as much as R1bn, to R5bn, to meet its debt repayment commitments due to challenging market conditions, a delay in its equity capital raise and a higher level of borrowings within the group.
A small group of shareholders has been fighting against the rights offer to raise R4bn capital, partially underwritten up to R2bn by Mauritius-based Magister Investments, a privately held group controlled by the Rudland family, Zimbabwean tobacco and transport barons...
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