Embattled sugar and property company Tongaat Hulett said on Tuesday it has sold its Namibian business for R220m to reduce debt, which is nearly four-and-a-half times its market capitalisation.
The company — which according to its figures had net debt of R7.75bn at September 30, 2018 — is selling noncore assets in line with its ongoing strategic and financial review. Tongaat’s market capitalisation was R1.785bn in June, when it voluntarily suspended trade on the JSE.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tongaat offloads Namibian company to BokomoSelling sugar packaging and distribution business is part of a drive to ditch noncore assets in line with ongoing strategic and financial review
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: IOL - 🏆 46. / 51 Read more »
Source: IOL - 🏆 46. / 51 Read more »
KZN girl, 13, arrested after gran found bludgeoned to deathA 13-year-old girl has been arrested for the gruesome murder of her grandmother, after she had been bludgeoned to death in her home in Tongaat, north of Durban, on Monday.
Source: TimesLIVE - 🏆 28. / 59 Read more »
KZN girl, 13, arrested after gran found bludgeoned to death'The 13-year-old girl who was found at the scene was questioned and she alleged that while she was hanging up her clothes she heard her grandmother screaming for help,' said Mbele.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Lenders extend new credit lines to TongaatCompany’s creditors agree to make new loan, revolving credit and overdraft facilities available
Source: BDliveSA - 🏆 12. / 63 Read more »