Embattled sugar and property company Tongaat Hulett said on Tuesday it has sold its Namibian business for R220m to reduce debt, which is nearly four-and-a-half times its market capitalisation.
The company — which according to its figures had net debt of R7.75bn at September 30, 2018 — is selling noncore assets in line with its ongoing strategic and financial review. Tongaat’s market capitalisation was R1.785bn in June, when it voluntarily suspended trade on the JSE.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.
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