Tongaat sells starch business to Barloworld unit for R5.260bn

South Africa’s Tongaat Hulett said on Wednesday it had sold its starch business to a subsidiary of Barloworld for R5.260 billion ($353 million) based on debt and working capital at the end of October.

Barloworld’s KLL Group unit had paid R4.986 billion to Tongaat on October 31, as an estimate of the final purchase price based on the financial position of the starch business at the end of September.