While Tongaat is still finalising the steps it will take to stabilise itself in the face of massive losses caused by an auditing scandal, it said last week that it had “identified the opportunity for the company to exit its direct sugarcane farming activities in South Africa”.
Trading in Tongaat’s shares was suspended on the JSE and in London in June over the accounting irregularities, with the company delaying the release of its March results while its results for several years were subjected to a forensic audit. On Tuesday, Tongaat’s board extended its cautionary announcement to shareholders, saying it would only announce a date for the release of the results on November 18.
As a first step, three estates totaling 3 900 hectares will be leased to Uzinzo Sugar Farming at below market rent to produce around 160 000 tons of sugarcane for Tongaat and generating revenue of around R79-million annually.Sydney Ncalane, one of the partners in Uzinzo, said they had been able to retain around 280 workers at the three estates, located at Shongweni, Dube Trade Port and Tongaat, with further seasonal workers would be re-employed in the harvesting season.
Nkosikhona Nzama, the Food and Allied Workers Union’s sugar sector coordinator, said he was “shocked” to hear that the company was pulling out of sugar farming.
Ouch!!! 😬😳
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