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Dube dispels fears over Tongaat rescue plan

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Dube dispels fears over Tongaat rescue plan


Ellen Mlambo
Mirror Reporter

Harare – Hippo Valley Estates board chairman, Canaan Dube has allayed fears of challenges facing Tongaat Hulett Limited (South Africa) spilling over and affecting the company’s operations in Zimbabwe.
He said that Zimbabwe operations remain financially sound hence there is no need to panic.
Speaking at an Editors’ Breakfast meeting in Harare yesterday, Dube said that the current Business Rescue Process at Tongaat Hulett Limited (THL) will have no impact on company operations outside South Africa.
“Regarding the Zimbabwean operations, the business rescue practitioners (BRPs) have confirmed that operations outside of South Africa are not under business rescue and are not impacted by the business rescue process of THL in South Africa.
“Zimbabwe’s sugar operations are financially sound, and continue trading in the ordinary course of business. They remain self-funded, operational and subject to the usual high level of sound corporate governance principles, policies and procedures,” said Dube.
He said media reports of November 30, 2022 indicated a grower-led consortium that expressed an interest to acquire the South African sugar mills and refineries. He said that this was merely an expression of interest as no transaction had been concluded.
He said that even if there were to be changes in the South African operations, this will have no impact on entities outside South Africa. He also said that the recent board director resignations of THL were nothing unusual as they are commonly experienced during business rescue processes.

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