{"id":59347,"date":"2024-01-11T16:41:52","date_gmt":"2024-01-11T16:41:52","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett"},"modified":"2024-01-11T16:57:12","modified_gmt":"2024-01-11T16:57:12","slug":"robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett","title":{"rendered":"Robert Gumede\u2019s Vision consortium takes ownership of Tongaat Hulett"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Businessman Robert Gumede’s Vision consortium’s plan to save ailing sugar group Tongaat has been approved by creditors, ending the drawn-out business rescue process which has been described as \u201cchallenging\u201d by one of the BRP practitioners.<\/p>\n

<\/a>Vision, which includes investors from UAE and Mauritius, will take over the business after buying Tongaat\u2019s R8bn debt through a partial debt-for-equity swap arrangement. with plans to settle it in cash and equity. \u201cThe process has been difficult and challenging. Certainly for us as business rescue practitioners [it] has been a milestone,\u201d said Trevor Murgatroyd from Metis Strategic Advisors.<\/p>\n

He said the approval and adoption of the plan was not the end of the road.<\/p>\n

\u201cThere’s a lot of hard work ahead, and no doubt further challenges. With the continued support of employees, suppliers, the IDC (Industrial Development Corporation) and Vision, we will work together to achieve substantial implementation of the now approved and adopted business rescue plan as efficiently and as quickly as possible.\u201d<\/p>\n

The IDC has provided R2.3bn to the operations of Tongaat since late 2022.<\/p>\n

Murgatroyd said: \u201cSubstantial implementation will be a new beginning for a company that has been in existence for more than 100 years and has a substantial impact on the economy of KZN and South Africa.\u201d<\/p>\n

About 25,000 people, mostly in KwaZulu-Natal, rely on Tongaat for their livelihoods. The company also has operations in Botswana, Mozambique and Zimbabwe.<\/p>\n

In its plan, Vision said Tongaat would remain listed and that there was an opportunity for new jobs to be created as the business grew under its leadership.<\/p>\n

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

Africa-Press – South-Africa. Businessman Robert Gumede’s Vision consortium’s plan to save ailing sugar group Tongaat has been approved by creditors, ending the drawn-out business rescue process which has been described as \u201cchallenging\u201d by one of the BRP practitioners. Vision, which includes investors from UAE and Mauritius, will take over the business after buying Tongaat\u2019s R8bn […]<\/p>\n","protected":false},"author":84,"featured_media":59345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-59347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nRobert Gumede\u2019s Vision consortium takes ownership of Tongaat Hulett - South Africa<\/title>\n<meta name=\"description\" content=\"Businessman Robert Gumede's Vision consortium's plan to save ailing sugar group Tongaat has been approved by creditors, ...\" \/>\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\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robert Gumede\u2019s Vision consortium takes ownership of Tongaat Hulett\" \/>\n<meta property=\"og:description\" content=\"Businessman Robert Gumede's Vision consortium's plan to save ailing sugar group Tongaat has been approved by creditors, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-11T16:41:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-11T16:57:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704979530.880982.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"655\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\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\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Robert Gumede\u2019s Vision consortium takes ownership of Tongaat Hulett\",\"datePublished\":\"2024-01-11T16:41:52+00:00\",\"dateModified\":\"2024-01-11T16:57:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\"},\"wordCount\":283,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1704979530.880982.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/robert-gumedes-vision-consortium-takes-ownership-of-tongaat-hulett\",\"name\":\"Robert Gumede\u2019s Vision consortium takes ownership of Tongaat Hulett - 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