Tag: gavin hudson
Tongaat Hulett’s race to cut its debt by R8.1 billion in 2021 may have hit a stumbling block. The shares of the embattled sugar producer tanked 15 per cent today after it said the R5.3 billion sale of its starch business to Barloworld had reached a stalemate over differences on how Covid19 may impact future profits. The proceeds from the sale of the business were earmarked to lower Tongaat’s debt, which significantly exceeds it market value. Tongaat CEO, Gavin Hudson joins CNBC Africa for more.
Sugar producer Tongaat Hulett reported losses of R3.5 billion and headline losses of 823 cents per share. The company has been battling accounting fraud and recently confirmed it would be going after implicated parties. Joining CNBC Africa for more is CEO, Gavin Hudson and CFO, Rob Aitken.