Adds context and background
Adds context and background
JOHANNESBURG, Feb 13 (Reuters) – South Africa’s closely indebted sugar producer Tongaat Hulett Ltd TONJ.J has entered negotiations on the potential sale of Tongaat Hulett Starch, it stated on Thursday, with out offering particulars on the talks.
The agriculture and agri-processing firm is looking for to chop money owed via promoting property, chopping jobs, elevating fairness and different measures geared toward boosting money circulate.
Tongaat stated in January it had already met its first debt discount milestone of 500 million rand ($33.5 million) as outlined in its refinancing agreements with funders and property disposal assessments had been at a complicated stage.
At 0738 GMT, shares in Tongaat, which had been voluntarily suspended from commerce in June till earlier this month because it ready to restate its monetary outcomes, had been up 3.6% at 4.02 rand.
Tongaat Hulett Starch is Africa’s largest producer of starch, glucose and associated…