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As embattled sugar producer Tongaat Hulett prepares to digitally gather shareholders on Tuesday morning, asking them to back the implementation of a R4bn rights offer, the necessity for the potentially dilutive capital raise to settle the outstanding debt is being questioned.

Tongaat, whose SA borrowings exceed R6bn, has been struggling to generate cash and sell off assets to meet demands from lenders and had its plans thrown off course after the July civil unrest whacked its profits and prospects for property sales...

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