July unrest cost Tongaat Hulett R158 million

The original article can be found here.

Article highlights:

  • Sugar producer Tongaat Hulett’s restructuring has gained momentum, following the reduction of its debt but its R2 billion rights issue is still on the cards.
  • The results showed that its debt was down to R6.9 billion from R11.7 billion on 30 September 2020, meaning it had reduced its debt by 41%.
  • The sugar maker is working on recovering from a financial scandal, following a 2019 finding that it had inflated its financials by almost R12 billion over a seven-year period.