{"id":29019,"date":"2022-11-07T16:00:03","date_gmt":"2022-11-07T16:00:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique"},"modified":"2022-11-07T16:10:07","modified_gmt":"2022-11-07T16:10:07","slug":"tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique","title":{"rendered":"Tongaat Hulett: Crisis in South Africa will not affect operations in Mozambique"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Tongaat Hulett, the South African multinational that conducts sugar production at Mafambisse, in Sofala, and Xinavane, in Maputo province, says that the business rescue process underway in South Africa will not compromise its operations in Mozambique.<\/p>\n

The rescue action results from the fact that the company remains unable to settle debts with some of its creditors.<\/p>\n

In a press release quoted by Noti\u0301cias, Tongaat Hulett explains that most of its debt (about 87%) is supported by cash flow from its South African sugar trading operations, real estate and operational support fees received from its non-South African sugar mills.<\/p>\n

\u201cTongaat Hulett\u2019s Botswana, Mozambique and Zimbabwe sugar operations are not financially distressed and therefore will presently continue trading in the ordinary course. These three businesses are funded independently from the Company and should be largely unaffected by the adverse circumstances affecting the Company,\u201d a communique from Tongaat Hulett reads.<\/p>\n

In July of this year, Tongaat Hulett had announced that it remains focused on a financial restructuring plan, to be subsequently presented to the Board of Directors for approval.<\/p>\n

It is believed that the approval of this plan will pave the way for improving liquidity levels and reducing Tongaat\u2019s debt to sustainable levels.<\/p>\n

The administration of the Tongaat Hulett group, which is the largest sugar producer in Mozambique, does not provide numbers as to the debt However, it makes it clear that both managers and auditors need more certainty around debt refinancing and balance sheet restructuring.<\/p>\n

Practically, this meant that Tongaat did not disclose its results for the financial year beginning on 31 March 2021 and ending on 31 July 2022, as required by the Johannesburg Stock Exchange (JSE).<\/p>\n

Therefore, \u201ca longer-term financial solution is required for Tongaat Hulett\u2019s audited annual financial statements to be finalised, and this is largely dependent on the outcome of the restructuring plan,\u201d the statement reads.<\/p>\n

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

Africa-Press – Mozambique. Tongaat Hulett, the South African multinational that conducts sugar production at Mafambisse, in Sofala, and Xinavane, in Maputo province, says that the business rescue process underway in South Africa will not compromise its operations in Mozambique. The rescue action results from the fact that the company remains unable to settle debts with […]<\/p>\n","protected":false},"author":84,"featured_media":29018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-29019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nTongaat Hulett: Crisis in South Africa will not affect operations in Mozambique - Mozambique<\/title>\n<meta name=\"description\" content=\"Tongaat Hulett, the South African multinational that conducts sugar production at Mafambisse, in Sofala, and Xinavane, i ...\" \/>\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\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tongaat Hulett: Crisis in South Africa will not affect operations in Mozambique\" \/>\n<meta property=\"og:description\" content=\"Tongaat Hulett, the South African multinational that conducts sugar production at Mafambisse, in Sofala, and Xinavane, i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-07T16:00:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-07T16:10:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/11\/postQueueImg_9-63692dc7a7549.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\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\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tongaat Hulett: Crisis in South Africa will not affect operations in Mozambique\",\"datePublished\":\"2022-11-07T16:00:03+00:00\",\"dateModified\":\"2022-11-07T16:10:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\"},\"wordCount\":331,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/11\/postQueueImg_9-63692dc7a7549.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-hulett-crisis-in-south-africa-will-not-affect-operations-in-mozambique\",\"name\":\"Tongaat Hulett: Crisis in South Africa will not affect operations in Mozambique - 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