Tongaat Hulett's Zim unit misses extended deadline to release financials

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(iStock)
(iStock)

Tongaat Hulett's listed unit in Zimbabwe has delayed its financials for the second time after missing the July 31 extended deadline, saying it was now finalising complex accounting issues stemming from its JSE-listed parent company's re-statement of financials.

The Zimbabwe Stock Exchange-listed Hippo Valley had asked for an extension of the June 30 deadline to release its financials. However, it failed to meet the July 31 extended deadline and has applied to the ZSE to be allowed a second extension to August 14.

Tongaat also owns non-listed Triangle Sugar Corporation in Zimbabwe.

Bigboy Shava, company secretary for Hippo Valley, said in a notice to shareholders in the company on Thursday that "preparation of the financial results is in the finalisation stage".

This extended delay had been prompted by "financial reviews that were taking place" at Tongaat Hulett and which had disrupted the timely release of financials for the year to March 31 2019.

Further explanation from the company is that "given the complexity of the issues involved," the company now requires more time to finalise the already delayed financials.

Hippo Valley consequently lodged an application for a second extension to the deadline for the release of its financials with the ZSE.

"A request has been made to the ZSE who have granted the company a final extension and as such, the company’s abridged audited financial results will now be published on or before 14 August 2019," added Shava.

The Hippo Valley parent company has been in a pickle over the financial re-statement which has prompted it to restructure its operations. The restructuring is expected to also affect its operations outside South Africa, including Zimbabwe, amid fears of job losses as the cost structure is re-evaluated.

Prior to the accounting crisis, Hippo Valley had said it was expecting to produce about 500 000 tonnes of sugar. An additional expansion project was expected to add up a further 50 000 tonnes of the sweet commodity.

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