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Green light for Tongaat to pursue rights issue and slash debt

News

Green light for Tongaat to pursue rights issue and slash debt

On Tuesday, more than 75% of shareholders voted to enable Tongaat’s rights issue to go ahead

Senior reporter

Despite vociferous opposition from some investors, Tongaat’s shareholders on Tuesday voted to pursue a rights issue of up to R4bn that will be underwritten by a Mauritius-domiciled company with links to Zimbabwe’s Rudland family.

The shareholders pushed through resolutions making this possible.

In terms of the rights issue, which Tongaat wants to pursue to pay down a significant portion of its huge debt pile — more than R6bn — the Mauritius-domiciled Magister could end up owning up to 60% of the JSE-listed company.  ..

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