Latest News & Developments
Tongaat Hulett demonstrates commitment to South Africa's sugar industry with a R460 million investment in facility upgrades, supporting over 25,500 jobs and processing sugarcane from 15,000 black farmers. The company's business rescue process shows positive progress as it prepares for the 2025/26 season.
The Durban High Court has dismissed RGS Group's attempt to halt Tongaat Hulett's business rescue implementation, paving the way for Vision Group's R8. 2 billion recovery plan. The ruling marks a significant milestone in the sugar giant's path to financial stability
Explore the inconsistencies in how South African banks manage reputational risk, as highlighted by the Sekunjalo Group’s case, and question whether bias influences their decision-making
Zimbabwe's corporate sector faces unprecedented challenges as major players like Tongaat Hulett announce job cuts and retailers implement desperate measures. Soaring inflation, currency instability, and mounting operational costs are forcing businesses into survival mode, with implications for the country's already fragile economy.
The company made the announcement on the Stock Exchange News Service (“SENS”) on Tuesday, which outlined the details of the sale of the South African Assets in terms of the adopted and approved business rescue plan.
The 70-year-old owner of a crèche damaged by the oThongathi tornado and his employees, parents and children were beaming when the rebuilt crèche was handed over.
Major corporations, implicated in corruption scandals that have cost investors, pensioners, and the nation hundreds of billions, continue to operate with impunity.
Tongaat Hulett shareholders had two options: vote for the debt to equity swap and retain 2. 7% of the JSE-listed shares, or reject it. They chose the second option, which left them empty-handed.
This comes as the majority of shareholders of Tongaat Hulett on Friday voted against the proposed debt-to-equity conversion that would have handed a 97. 3% controlling share of the company to the Vision Group.
Business mogul Robert Gumede is poised to finally take over the embattled sugar giant, Tongaat Hulett Limited (THL).
Vision investments is poised and ready to facilitate the business turnaround of this iconic sugar group and its brands, writes spokesperson Rob Bessinger.
THL lenders or the banks were owed over R8 billion by THL when THL went into business rescue. Vision entered into a full and final debt-purchase agreement executed in January, 2024 with THL’s lenders, which was irreversible and to which the lender group had been very supportive.
The liquidation or unbundling of Tongaat Hulett would devastate these small-scale farmers, destabilise rural economies, and exacerbate unemployment in areas where job opportunities are already scarce.
With so much at stake, it’s up to shareholders to vote with their conscience, stand up to Vision, and pick the best deal for not only themselves, but also for THL creditors, employees, and the thousands of people dependent on the business.
In order to stop the vicious cycle of corruption and maladministration at South African companies, delinquent directors need to be held accountable.
Hippo Valley reported on Wednesday that volatile Zimbabwean “exchange rates and high inflation disrupted liquidity flows” for the company during the period under review.
In terms of the business rescue plan for THL, Vision will acquire THL’s claims from its lenders, and subsequent use of a portion of such claims by Vision to subscribe for new ordinary shares in THL.
This comes after the SA Farmers Development Association (Safda) on Sunday accused the SA Canegrowers of “fronting”, and “condemned” what it called “disturbing anti-transformation tendencies”.
The 43-year-old of Gledhow in KwaDukuza said she was honoured by her appointment and aimed to serve and make a difference at the mill
Such payments have to be made even though Tongaat is under business rescue.
The association said the levies were essential to the economic survival of sugar cane farmers and the tens of thousands of livelihoods that they supported.
The eThekwini Municipality’s R600 million investment is set to boost the infrastructure in the Outer West multibillion project in Westown, Shongweni.
Powertrans, a creditor involved in the business rescue proceedings of embattled sugar company Tongaat Hulett Limited (THL), has approached the Durban High Court to have the adopted business rescue plan for THL set aside as invalid and unlawful.
A creditor claims that the business rescue plan unduly favours the consortium buying Tongaat Hulett, the Vision consortium, and a group of financial institutions that were owed billions of rand by Tongaat, at the expense of other parties
In a glaring case of racial discrimination against black-owned Sekunjalo, the SCA appointed an all-white panel of five white judges, namely Judges Trevor Gorven, Pieter Meyer, Sharise Weiner, Ashley Binns-Ward, and Raylene Keightley, to preside over the racial discrimination case and ruled in favour of Nedbank which the Sekunjalo group has accused of racial discrimination