Morning clouds. Mild.
A PwC survey found that the rate of reported economic crime in SA stands at 60%, this is significantly higher than the global average of 47%.
A portion of the land is already zoned for the immediate construction of 335 residential apartments.
The embattled sugar producer expects a headline loss of between R303m and R327m and for the six months ended September 30, 2019.
'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 Hullett will sell its starch business to la subsidiary of logistics company Barloworld for R5.35 billion, which will help reduce its debt.
The JSE-listed agribusiness group has in the past described the division as a 'consistent, strong cash generator'.
The directors of JSE-listed sugar producer Tongaat Hulett have announced some more changes to the board.
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.
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