ROB ROSE: The mystery Tanzanian tycoon behind Tongaat bid
The would-be white knight keeps his visor firmly down
It may seem that Tanzanian billionaire Seif Ali Seif is a signature away from snaffling ailing sugar firm Tongaat Hulett, but it’s anything but a done deal.
Last Friday, Tongaat’s business rescue practitioners (BRPs) — Peter van den Steen, Trevor Murgatroyd and Gerhard Albertyn — picked Seif’s Kagera Sugar as the “strategic equity partner” to buy Tongaat’s sugar assets in South Africa, Mozambique and Zimbabwe. But the BRPs tell the FM there are a “lot of challenges still” and several “crucial” meetings will take place this week. If all goes well, creditors will vote on the plan in the next three months, and hopefully, it’ll be done and dusted early next year...
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