INVESTORS in Tongaat Hulett appear virtually certain to receive nothing for their shares in the severely financially distressed JSE-listed sugar producer and property company.
Peter van der Steen, one of the joint business rescue practitioners (BRPs), said on Tuesday it was already envisaged in the first version of the business rescue plan that it is the intention to delist Tongaat Hulett and this will go into the amended business rescue plan, which is expected at the latest to be published by 31 October 2023.
Van der Steen said the business assets are to be sold out of the legal entities, and it is envisaged the remaining legal entities will be wound down and ultimately liquidated. moneyweb.co.za