Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
THE joint Business Rescue Practitioners (BRPs) of South African sugar giant Tongaat Hulett Limited have formally withdrawn the liquidation application against the company following constructive engagements between new investors Vision Group and the Industrial Development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(IDC), I would like to confirm that the joint Tongaat Hulett Limited Business Rescue Practitioners (BRPs) have formally withdrawn the liquidation application.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 50.35 percent stake in fellow industry player and Zimbabwe Stock Exchange-listed Hippo Valley Estates.
