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Europe, News

South Africa’s Tongaat mulls sale of assets, rights issue

JOHANNESBURG (Reuters) – South African sugar producer Tongaat Hulett said on Monday it is considering the possible sale of assets, a possible equity capital raise or a combination thereof in order to reduce the group’s debt.

Tongaat, which said in April it would restate financial information after a formal review revealed certain accounting practices that needed to be re-examined, also said debt restructuring talks with South African and Mozambican debt providers are progressing well.

(Reporting by Nqobile Dludla; Editing by Chris Reese)

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