SHAREHOLDERS of South African sugar producer, Tongaat Hulett are set to lose all their regional assets, including a controlling stake (50,3 percent) in Hippo Valley Estates located in the Lowveld of Zimbabwe in a debt-for-asset swap with investor – Vision Investments – as part of the approved business rescue plan.
Tongaat, which has been under business rescue since 2022 due to debts amounting to R8,6 billion, controls Hippo Valley and has a 100 percent ownership in Triangle Limited.