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'There is an opportunity to turn the business around and we will give it our best shot," says Tongaat's chairperson Louis von Zeuner.
Tongaat Hulett is disposing of its interest in Tongaat Hulett Namibia, and says it will use its share of the proceeds to reduce debt levels.
The combination of being heavily indebted and seeing slowing earnings growth is deadly.
The board of Tongaat Hulett has requested the suspension of its listing on the Johannesburg Stock Exchange amid an investigation.
In a SENS announcement released on Monday, Tongaat Hulett said Hudson’s prior jobs included serving as CEO of Turkish company Anadolu Efes, where he was also managing director of the company’s beer businesses in South Africa and abroad.
The agriculture and agri-processing company says its board will meet with shareholders to hear their views after they rejected a non-binding resolution on pay.
Tongaat Hulett recorded a 16.1% decrease in operating profits and a 37.2% decrease in headline earnings.
Tongaat Hulett‘s Zimbabwe based sugar producer Hippo Valley has shown growth in both revenue and profits for the year ended 31 March 2017.
Tongaat Hulett revenue has lifted 11.7% to R8.503bn for the six months to end-September 2916, amid a 50% surge in international suger prices over the past six months.
A severe drought has cut profit from Tongaat Hulett’s sugar operations by 85%, but land development and starch operations helped reduce its overall loss to 18%.
As the country waits with bated breath for the "state capture arrests" to start – hopefully before Christmas – the names of some top private sector executives should also be on the NPA's "priority list", writes Adriaan Basson.
Tongaat Hulett has announced that it is still not ready to release its results to the end of March. It also won't publish a forensic report into activities at the company.
SA's largest sugar producer is in crisis as its financial accounts cannot be trusted.
In an update to shareholders last week the sugar producer said it had identified 'certain past practices which are of significant concern to the board and the company's auditors'.
Auction companies are booming in Zimbabwe as companies and individuals - including Tongaat Hulett CEO Sydney Mutsambiwa and Mzi Khumalo's Metallon Corporation - default on loan payments or other financial obligations.
Tongaat Hulett said an interim CEO would be appointed while the group's board identifies his successor.
Tongaat Hulett has launched a project to build a refinery annexed to its Xinavane Sugar Mill.
At least 170 Zimbabwean farmers who have been given an order to vacate a Triangle Ranch formerly owned by Tongaat Hulett in Masvingo believe the SA government had a hand in their eviction.
Tongaat Hulett's Zimbabwe operations recorded significantly reduced revenues and profits for the year to end-March 2016.
A strike at Tongaat Hulett’s Zimbabwean operations has entered its third week, with workers continuing to demand regionally comparative wages.
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