Tongaat Hulett Troubles

[wizardofid]

Probably going to be cheaper to import.

Lol nope.

Lyle and Tate sugar at Pick and Pay is double/triple the price of local sugar.

Lyle and Tate sugar business was sold a while back, but the use of the brand name is used under license.

Basically lyle and tate would import sugar cane from South Africa and Brazil, refine it and ship it out again.

So importing refined sugar is out of the question, and even importing sugar cane from else where is going to see significant price increase on the base price we pay here. With the sugar tax laws not helping at all.

Companies like Lyle and Tate, with a artificial sweeter business in South Africa, is coining it big time.

 

[BBSA]

https://twitter.com/i/web/status/1224232255276515328

 

[Cray]

https://twitter.com/i/web/status/1224232255276515328

And down we go...

499c now....

 

[Binary_Bark]

Hulett’s share price leaps 13% as turnaround strategy begins to show some results

DURBAN - Tongaat Hulett’s share price leapt more than 13percent on the JSE on Friday morning after the agriculture and agri-processing business narrowed its losses by 79percent for the year to end March, benefiting from its turnaround strategy implemented last year.

The share price climbed to a one-month intra-day high to R5.67 a share, up from Thursday’s closing price of R5. It closed the day at R5.45, 9percent higher.

Its headline loss amounted to R285million, down from last year’s loss of R1.4billion.

The group has credited its turnaround strategy implemented last year to its new chief executive, Gavin Hudson.

Tongaat reported a profit from continuing operations of R137m compared to a loss of R1.24bn while operating profit from continuing operations increased by 491percent to R3.26bn, up from R551m compared to last year.

Hulett’s share price leaps 13% as turnaround strategy begins to show some results

Tongaat Hulett’s share price leapt more than 13percent on the JSE on Friday morning after the agriculture and agri-processing business narrowed its losses by 79percent for the year to end March, benefiting from its turnaround strategy implemented last year.

www.iol.co.za

 

[Binary_Bark]

Tongaat Hulett: Creditors are in control

JOHANNESBURG - After years characterised by wrongdoing and mismanagement Tongaat Hulett (Tongaat) is on the mend.

After deciding to dispose Tongaat’s starch and glucose operation and focus on the turnaround of the sugar operations, the company’s new executives are doing a sterling job by sweating the company’s assets and loss-making business units have returned to profitability.

Creditors are, however, in control.

Tongaat owes South African banks R10.1 billion and Mozambique lenders R1.3bn. The South African debt is secured by Tongaat’s South African assets and the Mozambique assets in that country.


I attempted to deconsolidate the Zimbabwean operations from Tongaat’s other operations at the end of Tongaat’s recent financial year (March 31, 2020).

My analysis indicates that Tongaat’s share of the Zimbabwean net asset value (NAV) amounted to R21 per Tongaat share, while Tongaat’s NAV of the other operations amounted to a negative R41 per share.

Tongaat Hulett: Creditors are in control

After years characterised by wrongdoing and mismanagement Tongaat Hulett (Tongaat) is on the mend.

www.iol.co.za

 

[airborne]

How the heck did they get access to R10 billion in credit, what was that even for?

There's must have been crooks at Tongaat and the lenders?

 

[Binary_Bark]

Trading in Tongaat Hulett shares suspended​

The company says it was notified of the decision by the JSE on Tuesday.

Tongatt Hulett says it had voluntarily approached the securities exchange asking for a temporary suspension of its listing due to delays in the release of its results.

The financial statements had been expected at the end of March.

Their release was extended to the end of this month.

Trading in Tongaat Hulett shares suspended

Trading in Tongaat Hulett shares has been suspended.

www.ecr.co.za

 

[BTTB]

Sold my TON when they were around 900 cents, glad I did.

 

[upup]

So who did they vote and who should they vote for next time?

I spoke to a Zulu guy, he is still a Zuma supporter, will vote for Zuma again, even if his company close down.

 

[upup]

I know a guy who buys sugar from Brazil, packed it sell it cheaper, most people buy the cheapest, in sugar's case, not knowing where it comes from, and don't care.

 

[Supervan II]

Hulett’s share price leaps 13% as turnaround strategy begins to show some results

Hulett’s share price leaps 13% as turnaround strategy begins to show some results

Tongaat Hulett’s share price leapt more than 13percent on the JSE on Friday morning after the agriculture and agri-processing business narrowed its losses by 79percent for the year to end March, benefiting from its turnaround strategy implemented last year.

www.iol.co.za

turnaround strategy:

Now where did I hear this before? Oh, yeah. At Transnet - and we all know how that panned out

 

[Senor]

Sweet

 

[Oldfut]

I know a guy who buys sugar from Brazil, packed it sell it cheaper, most people buy the cheapest, in sugar's case, not knowing where it comes from, and don't care.

Apparently quality is not that good (or wasn't when I knew guys that bought bulk sugar) and there is supposed to be tariff protection in place to make the price of imported sugar match that produced locally. Swazi sugar could be even cheaper?

 

[Binary_Bark]

Tongaat Hulett fraud case headed to trial​

Ex-CEO Peter Staude and executives Murray Munro, Michael Deighton, Rory Wilkinson, Kamasagrie Singh, Samantha Shukla, as well as Deloitte audit partner Gavin Kruger, made another appearance in the Durban Commercial Crimes Court on Monday morning.
They are accused of backdating land sale agreements between 2015 and 2018.
As a result, the company declared inflated profits, which allegedly saw the suspects pocketing huge bonuses.

The group is also accused of contravening the Financial Markets Act, the Companies Act and Prevention of Organised Crime Act.
"The matter was adjourned to the 15th of September 2022 for their first appearance in the High Court," says KZN NPA spokesperson Natasha Kara.

Tongaat Hulett fraud case headed to trial

The fraud case against several former Tongaat Hulett executives and an auditor is headed to trial.

www.ecr.co.za