Home Tongaat won’t let starch business go on the cheap Tongaat won’t let starch business go on the cheap

Tongaat won’t let starch business go on the cheap

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