Tongaat Hulett Troubles

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That's amazing news, does Vision look like a legit company, here for the long run and not a scavenger looking to extract value and then discard Hullet?
Didn't some dubious stuff come up earlier in the process about how they wanted to do things

 

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Robert Gumede's Vision Group and South Africa's Industrial Development Corporation sealed a binding rescue agreement for Tongaat Hulett on Wednesday, averting the liquidation of the 134-year-old sugar producer on the same day a winding-up application was due to be heard in the Durban High Court.

Tongaat Hulett's business rescue practitioners formally withdrew the liquidation application once the tripartite agreement between the practitioners, the IDC and Vision Group was concluded, ending months of uncertainty that had threatened thousands of jobs across South Africa's sugar-growing regions.

Robert Gumede's Vision Group saves Tongaat Hulett from collapse

Robert Gumede's Vision Group and South Africa's IDC have sealed a rescue deal that averted the liquidation of 134-year-old sugar producer Tongaat Hulett hours before a court hearing.

www.billionaires.africa

 

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Tongaat Hulett staves off liquidation in business rescue reprieve, but critical challenges abound​

The latest status updates from Tongaat’s business rescue practitioners (BRPs) show that the group’s rescue still depends heavily on continued funding from the Industrial Development Corporation (IDC), the implementation of an agreement with Vision, and the outcome of a court challenge by RGS, which wants the adopted business rescue plan set aside.

The sugar group entered business rescue on 27 October 2022. The latest update is the 42nd monthly report prepared under the Companies Act, which requires business rescue practitioners to report monthly when proceedings have not concluded within three months.

In February, the BRPs applied to the KwaZulu-Natal High Court to discontinue the business rescue and place Tongaat Hulett Limited into provisional winding-up. That application was initially set down for April, then postponed to 17 and 18 June to allow further talks between Vision, the IDC, Tongaat and other stakeholders.

Tongaat staves off liquidation, but still faces critical challenges for survival

Tongaat Hulett has won another reprieve after its business rescue practitioners withdrew their provisional liquidation application, giving one of KwaZulu-Natal’s most important agro-processing employe…

www.dailymaverick.co.za

 

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Tongaat Hulett, South Africa’s century-old sugar giant, will officially delist from the Johannesburg Stock Exchange (JSE) on 3 November 2026, leaving shareholders with no hope for a return on their investment.

The business was listed on Africa’s largest stock exchange in 1952; however, the JSE suspended its listing on 20 July 2022 after it failed to publish its annual financial results. The company’s shares have not traded on the JSE since that violation.

Listing on the JSE allows a company to raise money from investors and gives shareholders a platform to buy and sell its shares. However, a company can be delisted if it fails to meet the JSE’s requirements or no longer qualifies to remain listed.

Tongaat Hulett's shareholders to lose investment as company delists from JSE | The Citizen

The company breached the JSE Listings Requirements in 2022.

www.citizen.co.za

 

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The company’s shares will be removed from the exchange at the start of business on 3 November 2026, ending a stock-market presence stretching back more than seven decades.
The decision follows more than four years of suspended trading and a prolonged restructuring process that has left the company unable to meet its obligations as a listed business.
Shareholders will retain shares in an unlisted company. However, Tongaat says no value is expected to reach them when the business rescue process concludes.
According to Tongaat’s regulatory announcement released on 12 October⁠, its directors and business rescue practitioners supported the delisting and did not ask the exchange to postpone or reconsider it.

Tongaat’s 74-year stock-market run ends as South African sugar producer warns investors to expect no returns

Tongaat Hulett will leave the JSE on 3 November after 74 years

africa.businessinsider.com