Tongaat turns bitter over threat of restated results
The KwaZulu-Natal-based company is facing a number of challenges
Shares in Africa's largest sugar producer, Tongaat Hulett, fell as much as 33% on Friday after the troubled firm announced that it may have to restate its financial results going back a number of years following a strategic review. The cane grower said the review had "revealed certain practices which will require further examination". Audit firm PwC has been called in to assist with the review. PODCAST: Behind the class action lawsuits against Tiger Brands Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Cast | Player.fm The KwaZulu-Natal-based company is facing a number of challenges that have seen its shares plunge 68% to R22 from their peak in September 2014. It has had to review much of its cane valuations downwards to reflect lower expected revenues in future resulting from depressed global sugar prices and the recently introduced sugar tax in SA.As one of SA's biggest landowners, the company has had problems with its land business as sales have slowed. Some analysts also...
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