In an announcement on the Stock Exchange News Service late on Tuesday, Tongaat Hulett shareholders were advised that the quantum of the envisaged rights offer is expected to increase to between R4-billion and R5-billion as a consequence of a combination of issues.
The company pointed out that disposals of its starch, Namibian and Eswatini operations took place during the year, which would have had the effect of reducing its earnings per share. In its SENS statement, Tongaat said a 9% reduction in its overall sugar production — “together with a challenging commercial environment faced by the South African sugar operation during the last quarter of the financial year” — put considerable pressure on revenue generation.
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