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Sugar producer Tongaat's shares soar after impasse on sale of starch business ends

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Sugar producer Tongaat Hulett, will wrap up the sale of its starch business to Barloworld next month.
Sugar producer Tongaat Hulett, will wrap up the sale of its starch business to Barloworld next month.
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Sugar producer Tongaat Hulett's share price rose by more than 15% on Tuesday following news that the sale of its starch business to transport and logistics company Barloworld will go ahead after a tense few months when it appeared the sale may be thwarted. 

Tongaat has been grappling with a large debt pile, which had risen to R12.6 billion in March.

The sugar producer begun whittling away at the debt through asset sales and the signing of debt reduction transactions.

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