{"id":6518,"date":"2021-11-25T07:22:13","date_gmt":"2021-11-25T07:22:13","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue"},"modified":"2021-11-25T08:31:22","modified_gmt":"2021-11-25T08:31:22","slug":"mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue","title":{"rendered":"Mauritius company aims to underwrite Tongaat Hulett\u2019s R4-bn right issue"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Mauritius registered company Magister may soon own the majority share in sugar producer giant Tongaat Hulett by partially underwriting the company\u2019s R4-billion rights issue.<\/p>\n

South Africa\u2019s largest sugar producer on Wednesday last week announced major plans to address its debt issue through a rights offer of new shares underwritten by Magister Investments Limited, an unlisted company and Tongaat Hulett shareholder.<\/p>\n

Tongaat Hulett\u2019s share prices plummeted by 30% after the company shared news of the rights issue, noting that Magister could become the majority shareholder.<\/p>\n

Magister, which intends to underwrite half of the R4-billion debt, could then own 60% of Tongaat Hulett\u2019s shares. The rights offer has been capped, and may not exceed R2-billion.<\/p>\n

Magister Investments Limited is owned by Zimbabwe\u2019s billionaire family, the Rudlands. The sugar producer\u2019s market value took an almost 90% dive over the last 3 years after it disclosed overstating its assets by up to R4.5-billion in its 2018 financials.<\/p>\n

One of the largest employers on the North Coast, Tongaat Hulett introduced stringent cutbacks in 2019 to avoid financial disaster in the wake of the accounting irregularities.<\/p>\n

In February last year, the company sold its starch business to Barloworld for an enterprise value of R5.35-billion, significantly reducing the company\u2019s debt.<\/p>\n

Further cost-cutting methods included the closure of the sugar giant\u2019s 175-year-old Darnall operation earlier this year, which resulted in almost 400 workers being retrenched. Darnall Sugar Mill was established in 1846.<\/p>\n

Tongaat Hulett said the proceeds from the rights offer would be used to reposition the group and help secure its future and that of its 29 000 employees (during peak harvest season) across its various operations, both locally and abroad.<\/p>\n

The company has operations in South Africa, Botswana, Zimbabwe and Mozambique. It is hoped the move would aid future growth for Tongaat Hulett by improving operational efficiency, reducing debt and driving cash flow.<\/p>\n

Since taking action following the overstating of assets, the company has managed to decrease its debt by some 42%, but said it may consider closing further operations or selling these.<\/p>\n

Magister\u2019s shareholding will only be determined next year at the end of the rights offer. Tongaat Hulett chief executive officer, Gavin Hudson, said Magister\u2019s underwriting commitment is a key step in securing the future of the company.<\/p>\n

\u201cWe look forward to it contributing to the market value of the company, which is more reflective of the underlying value of the group\u2019s various components.<\/p>\n

\u201d For breaking news follow The North Coast Courier on Facebook, Twitter, Instagram and YouTube. Join our Telegram Broadcast Service at: https:\/\/t.<\/p>\n

me\/joinchat\/yJULuN8NaCs5OGM0
\nJoin our WhatsApp Broadcast Service: Simply add 082 792 9405 (North Coast Courier) as a contact to your phone, and WhatsApp your name and surname to the same number to be added.<\/p>\n

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

Africa-Press – Mauritius. Mauritius registered company Magister may soon own the majority share in sugar producer giant Tongaat Hulett by partially underwriting the company\u2019s R4-billion rights issue. South Africa\u2019s largest sugar producer on Wednesday last week announced major plans to address its debt issue through a rights offer of new shares underwritten by Magister Investments […]<\/p>\n","protected":false},"author":84,"featured_media":6517,"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-6518","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 company aims to underwrite Tongaat Hulett\u2019s R4-bn right issue - Mauritius<\/title>\n<meta name=\"description\" content=\"Mauritius registered company Magister may soon own the majority share in sugar producer giant Tongaat Hulett by partiall ...\" \/>\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-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mauritius company aims to underwrite Tongaat Hulett\u2019s R4-bn right issue\" \/>\n<meta property=\"og:description\" content=\"Mauritius registered company Magister may soon own the majority share in sugar producer giant Tongaat Hulett by partiall ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\" \/>\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=\"2021-11-25T07:22:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-25T08:31:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2021\/11\/img-619f49bc1bb35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"927\" \/>\n\t<meta property=\"og:image:height\" content=\"489\" \/>\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-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mauritius company aims to underwrite Tongaat Hulett\u2019s R4-bn right issue\",\"datePublished\":\"2021-11-25T07:22:13+00:00\",\"dateModified\":\"2021-11-25T08:31:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\"},\"wordCount\":485,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2021\/11\/img-619f49bc1bb35.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-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-company-aims-to-underwrite-tongaat-huletts-r4-bn-right-issue\",\"name\":\"Mauritius company aims to underwrite Tongaat Hulett\u2019s R4-bn right issue - 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