Online Reporter
Nqobile Bhebhe, [email protected]
THE joint Business Rescue Practitioners (BRPs) of South African sugar giant Tongaat Hulett Limited have formally withdrawn the liquidation application against the company following constructive engagements between new investors; Vision Group and the Industrial Development Corporation (IDC).
The latest development strengthens confidence in the business rescue process and improves prospects for the successful completion of the ongoing transaction.
It also removes uncertainty over the regional sugar producer’s future and is expected to provide reassurance to growers, suppliers, customers, employees, financiers and other stakeholders with interests across the sugar industry value chain.
Confirming the development, Tongaat Hulett group chief executive officer Mr Gavin Dalgleish said the withdrawal followed positive engagements between Vision and the IDC.
“Following constructive engagements between Vision and the Industrial Development Corporation (IDC), I would like to confirm that the joint Tongaat Hulett Limited Business Rescue Practitioners (BRPs) have formally withdrawn the liquidation application.
“This development represents a significant step forward and provides increased certainty as we continue working towards the successful completion of the transaction process,” said Mr Dalgleish.
The withdrawal is regarded as a key milestone in Tongaat Huletts’ business rescue journey as it allows stakeholders to focus on concluding the transaction process aimed at securing the company’s long-term future and preserving its strategic role within the regional sugar industry.
Mr Dalgleish said the development reflected progress made through engagements among stakeholders committed to supporting the business.
“The withdrawal of the liquidation application reflects the progress made to date and the collective commitment of all stakeholders involved in supporting a sustainable future for the business.”
Tongaat Hulett plays a critical role in the agricultural economy, supporting thousands of livelihoods through an extensive network of sugar cane growers, contractors, transport operators, suppliers, mill workers and downstream industries that rely on sugar production.
Tongaat Hulett’s investments in Zimbabwe are managed under Tongaat Hulett Zimbabwe (THZ), which serves as the operational and financial anchor of the entire regional group.
It owns 100 percent of Triangle Sugar Corporation, Zimbabwe’s largest sugar producer and a 50.35 per cent stake in fellow industry player and Zimbabwe Stock Exchange-listed Hippo Valley Estates.
As a result, the withdrawal of the liquidation application is expected to have positive implications across the entire
value chain by enhancing confidence in operational continuity and future planning.
Addressing growers, Mr Dalgleish said the latest development should provide greater certainty as efforts continue towards securing a sustainable future for the business.
“For our growers, this milestone provides increased confidence as we continue working towards a sustainable future for the business.
“We recognise the essential role growers play in the broader agricultural value chain and remain committed to maintaining strong partnerships, supporting continuity of operations, and working collaboratively to ensure the long-term success of the industry.
“Existing grower engagements and arrangements continue as normal, and we will continue to communicate any relevant updates as the process progresses.”
For suppliers, the company said the withdrawal reinforces its commitment to maintaining strong commercial relationships and ensuring business continuity.
“For our suppliers, the withdrawal of the liquidation application reinforces our commitment to maintaining strong supplier relationships.
“We remain focused on operational continuity and working together to support the ongoing needs of the business.”
Customers were also assured that the company remains focused on maintaining reliable operations and delivering products and services without disruption.
“For our customers, this milestone provides greater assurance that we remain focused on maintaining reliable operations, continuing to deliver the products and service levels our customers depend on and working closely with our customers.”
Despite the progress achieved, Mr Dalgleish said the company remained focused on completing the transaction process and strengthening its long-term sustainability.
“While this milestone is a positive development, there remains important work ahead. Our focus remains on maintaining operational stability, strengthening stakeholder confidence, and ensuring that the business is positioned for long-term sustainability and growth.”
He acknowledged the uncertainty stakeholders have experienced in recent months and expressed appreciation for their continued support throughout the process.
The withdrawal of the liquidation application is expected to provide fresh momentum to the transaction process
while supporting confidence across the sugar industry’s value chain, where stability at Tongaat Hulett remains critical to sustaining agricultural production, employment, supplier networks and downstream manufacturing activities.
