{"id":9189,"date":"2021-11-18T17:11:26","date_gmt":"2021-11-18T17:11:26","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=9189"},"modified":"2021-11-18T15:14:34","modified_gmt":"2021-11-18T15:14:34","slug":"tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue","title":{"rendered":"Tongaat to be majority held by Mauritius-based firm after planned rights issue"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>South African sugar producer Tongaat Hulett said on Wednesday Mauritius-based investment firm Magister will underwrite half of its 4 billion rand ($258 million) rights issue, which could give the unlisted entity a majority stake.<\/p>\n

Shares in the company, amongst the biggest sugar producers in South Africa, tumbled 28% after it announced the planned cash call designed to help it cut its debt.<\/p>\n

Half of the proposed rights issue, or 2 billion rand, will be underwritten by Magister Investments, Tongaat said in a statement.<\/p>\n

\u201cWe have agreed that they (Magister) get a board seat for every 20% of shares that they own, with a maximum cap of 60%,\u201d Gavin Hudson, CEO of Tongaat told Reuters.<\/p>\n

\u201cWe assume that they would be a large shareholder by the end of the rights offer. But that will be determined in January or February next year.\u201d<\/p>\n

Chief Financial Officer Rob Aitken said if minority shareholders do not subscribe to the remaining rights issue, then Magister\u2019s stake could reach roughly 60%.<\/p>\n

If minorities subscribe, then Magister\u2019s holding will be somewhere in \u201cmid range,\u201d he said.<\/p>\n

The company\u2019s market value shrunk almost 90% in the last two years following its disclosure that it had overstated its revenue, profits and assets in previous years. It was forced to bring in new management who took measures to clean up its books and cut debt.<\/p>\n

While CEO Hudson said the rights offer, if successful, would bring its debt to a more \u201csustainable level\u201d, market participants sold the stock as they were expecting a rights offer of 2 billion rand, analysts said.<\/p>\n

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

Africa-Press – Mozambique. South African sugar producer Tongaat Hulett said on Wednesday Mauritius-based investment firm Magister will underwrite half of its 4 billion rand ($258 million) rights issue, which could give the unlisted entity a majority stake. Shares in the company, amongst the biggest sugar producers in South Africa, tumbled 28% after it announced the […]<\/p>\n","protected":false},"author":84,"featured_media":9188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,8,16],"tags":[233,281,283],"class_list":["post-9189","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nTongaat to be majority held by Mauritius-based firm after planned rights issue - Mozambique<\/title>\n<meta name=\"description\" content=\"South African sugar producer Tongaat Hulett said on Wednesday Mauritius-based investment firm Magister will underwrite h ...\" \/>\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-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tongaat to be majority held by Mauritius-based firm after planned rights issue\" \/>\n<meta property=\"og:description\" content=\"South African sugar producer Tongaat Hulett said on Wednesday Mauritius-based investment firm Magister will underwrite h ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\" \/>\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=\"2021-11-18T17:11:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-6196673633a0f.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"991\" \/>\n\t<meta property=\"og:image:height\" content=\"552\" \/>\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=\"1 minute\" \/>\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-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tongaat to be majority held by Mauritius-based firm after planned rights issue\",\"datePublished\":\"2021-11-18T17:11:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\"},\"wordCount\":279,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/11\/img-6196673633a0f.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/tongaat-to-be-majority-held-by-mauritius-based-firm-after-planned-rights-issue\",\"name\":\"Tongaat to be majority held by Mauritius-based firm after planned rights issue - 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