Mozambican group RGS will again attempt to get its hands on Tongaat Hulett after the sugarmaker’s shareholders rejected a debt-to-equity conversion proposal from winning bidder Vision Investments. RGS described the rejection as “monumental.”
Tongaat has been in business rescue since October 2022 and in January its lenders, led by major banks, approved a plan submitted by Vision Investments to buy their debt in the distressed company. ..
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