Tongaat delays results release after missing debt reduction target

accreditation
0:00
play article
Subscribers can listen to this article
Tongaat has delayed its annual results release
Tongaat has delayed its annual results release
iStock

Sugar producer Tongaat Hulett has delayed the release of its annual financials by two weeks. 

In a statement on Friday, Tongaat said it will publish its results by 13 July, instead of 30 June, as per JSE requirements.

The company’s announcement comes as it negotiates a debt restructure with its lenders, after it missed its R8.1 billion debt reduction target. In April, Tongaat said it paid R6.01 billion to its lenders by the end of March.  

The sugar producer has been struggling to get back on its feet after it was rocked by an accounting scandal that led to findings that it inflated its financials by almost R12 billion. Fin24 has previously reported that in addition to debt reduction, Tongaat was focusing on governance as part of its restructuring process.

Its former CEO Peter Staude, as well as other former executives, were accused of playing a role in the company’s issues, according to a report by PwC.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.82
-1.0%
Rand - Pound
20.37
-0.7%
Rand - Euro
17.24
-1.1%
Rand - Aus dollar
11.06
-1.0%
Rand - Yen
0.13
-1.4%
Gold
1,792.94
+0.5%
Silver
24.31
+0.6%
Palladium
2,025.00
+0.2%
Platinum
1,043.17
-1.0%
Brent Crude
84.61
-1.4%
Top 40
60,525
+1.7%
All Share
67,051
+1.5%
Resource 10
62,969
+2.5%
Industrial 25
86,659
+1.4%
Financial 15
13,849
+0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
24% - 211 votes
No, I have deleted it
46% - 403 votes
Yes, but I am considering deleting it
29% - 254 votes
Vote