{"id":11537,"date":"2022-03-08T07:46:50","date_gmt":"2022-03-08T07:46:50","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett"},"modified":"2022-03-08T09:14:28","modified_gmt":"2022-03-08T09:14:28","slug":"mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett","title":{"rendered":"Mauritius-based company set to own majority stake in Tongaat Hulett"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The competition commission announced on Monday that it had approved the takeover of Tongaat Hulett by Magister Investments, with conditions. Mauritius-based Magister Investments has committed some R2-billion to underwriting a Tongaat rights issue, meaning it will own 60% of the latter\u2019s shares.<\/p>\n

Magister currently holds a minority shareholding of 0.15% in Tongaat. The rights offer has been capped, and may not exceed R2-billion, Tongaat said in November 2021 when it announced the proposed major recapitalisation through a rights offer of new shares.<\/p>\n

The sugar producer said the proceeds from the rights offer would be used to reposition the group sustainably and help to secure the future of its about 29 000 (at peak harvest season) employees in operations across South Africa, Zimbabwe, Mozambique, and Botswana.<\/p>\n

According to the competition commission, the transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets.<\/p>\n

However, it approved the takeover on condition that Magister stick to its investment commitments into Tongaat. One condition of the takeover is that both Magister and Tongaat may not dispose of any employees for at least one year after the transaction.<\/p>\n

The commission must be informed of any retrenchments for the next three years. Magister will also be required to establish an employment share ownership plan which will hold an effective 5% in the South African operating subsidiary of Tongaat.<\/p>\n

Tongaat\u2019s black economic empowerment (BEE) shareholding must be at least the same as it was prior to the transaction. The commission noted that Tongaat plays a crucial role in socioeconomic development in KwaZuluNatal and was concerned about the effect of the transaction on development in the region.<\/p>\n

It, thus, also put conditions in place requiring Tongaat to source at least 40% of its feedstock from historically disadvantaged people. Tongaat currently sources almost half of its feedstock from black farmers and co-operatives.<\/p>\n

Tongaat is also required to participate in the implementation of South Africa\u2019s sugar masterplan, an initiative that seeks to protect jobs, rural livelihoods and businesses while boosting the demand for the commodity.<\/p>\n

In addition, at least 20% of any land belonging to Tongaat sold after the takeover must be to historically disadvantaged people. Last month, former Tongaat chief executive Peter Staude and six others accused of defrauding the company of R2.5-billion finally appeared in court, just more than two years after fraud charges were laid against them.<\/p>\n

On Monday, Makwe Masilela of Makwe Fund Managers bemoaned the fact that yet another company would now be owned by a foreign entity. \u201cIt\u2019s the same story we\u2019ve seen with AB-InBev and SABMiller,\u201d Masilela said.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The competition commission announced on Monday that it had approved the takeover of Tongaat Hulett by Magister Investments, with conditions. Mauritius-based Magister Investments has committed some R2-billion to underwriting a Tongaat rights issue, meaning it will own 60% of the latter\u2019s shares. Magister currently holds a minority shareholding of 0.15% in Tongaat. […]<\/p>\n","protected":false},"author":84,"featured_media":11536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,245,241],"class_list":["post-11537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nMauritius-based company set to own majority stake in Tongaat Hulett - Mauritius<\/title>\n<meta name=\"description\" content=\"The competition commission announced on Monday that it had approved the takeover of Tongaat Hulett by Magister Investmen ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mauritius-based company set to own majority stake in Tongaat Hulett\" \/>\n<meta property=\"og:description\" content=\"The competition commission announced on Monday that it had approved the takeover of Tongaat Hulett by Magister Investmen ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-08T07:46:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-08T09:14:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/03\/img-62271e32483e4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"467\" \/>\n\t<meta property=\"og:image:height\" content=\"311\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mauritius-based company set to own majority stake in Tongaat Hulett\",\"datePublished\":\"2022-03-08T07:46:50+00:00\",\"dateModified\":\"2022-03-08T09:14:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/03\/img-62271e32483e4.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-based-company-set-to-own-majority-stake-in-tongaat-hulett\",\"name\":\"Mauritius-based company set to own majority stake in Tongaat Hulett - 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