Tongaat Hulett to sell its starch division
The talks come after Tongaat had committed itself to reducing its debt by R8.1billion by March 2021 in South Africa and identified a combination of cost savings and cash flow initiatives. These included the sale of certain non-core assets as well as an equity capital raise and the disposal of core assets or majority stakes in core assets.
Tongaat Hulett is trying to recover following a forensic probe by PricewaterhouseCoopers (PwC) which found that its assets and profits for the year to end March 2018 were overstated.
The report by PwC fingered 10 executives, including its former chief executive, Peter Staude.
In June, Tongaat informed the JSE that it was suspending its listing on the bourse after its share price declined by more than 75percent in one year.
Source: iol.co.za