Mauritius-based company set to own majority stake in Tongaat Hulett

that it had approved the takeover of Tongaat Hulett by Magister Investments, with conditions.

The sugar producer said the proceeds from the rights offer would be used to reposition the group sustainably and help to secure the future of its about 29 000 employees in operations across South Africa, Zimbabwe, Mozambique, and Botswana. One condition of the takeover is that both Magister and Tongaat may not dispose of any employees for at least one year after the transaction. The commission must be informed of any retrenchments for the next three years.

This could become the next “Clover”; downsizing and retrenchments.

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