Tongaat Hulett. Photo: Supplied
South African sugar producer, Tongaat Hulett, announced the sale of its South African assets that was adopted and approved in the comany’s business rescue plan (BRP).
The company made the announcement on the Stock Exchange News Service (“SENS”) on Tuesday, which outlined the details of the sale of the South African Assets in terms of the adopted and approved business rescue plan.
The sugar giant said that the transaction contemplates the sale by THL of all of its shares held, constituting 100% of the issued share capital, and the claims for repayment of the shareholder loans in Triangle Sugar Corporation Limited, a company registered and incorporated according to the company laws of Zimbabwe, to Ball Foundry Holdings Limited, a nominee company of the Vision Parties which will be beneficially owned by the Vision Principals on the closing date of the transaction.
The purchase consideration will be settled by way of a set off against a portion of the Lender Group Claims.
Triangle Sugar is the holding company of THL’s operations in Zimbabwe.
THL, Vision Investments, Vision Nominee, the Vision Parties and the Vision Principals signed the sale agreement for the Zimbabwean Transaction on 21 December 2024, which agreement is subject to the fulfilment of a number of suspensive conditions.
The sale agreements relating to the shares and claims held in the remaining foreign entities are still in process and will be signed as soon as the Parties are ready to do so.
BUSINESS REPORT