Tongaat Hulett Publishes 18th Monthly Business Rescue Report

  • Tongaat Hulett releases its 18th monthly business rescue report, highlighting ongoing recovery efforts.
  • Shareholders can access the report on the company's website under the 'Business Rescue' tab.
  • PSG Capital continues to sponsor Tongaat Hulett, supporting its journey through business rescue proceedings.

Tongaat Hulett Limited has released its latest monthly business rescue report. The company, incorporated in South Africa, is undergoing voluntary business rescue proceedings. This update provides the status and progress of these proceedings.

Background

Tongaat Hulett initiated voluntary business rescue proceedings on 27 October 2022. Since then, the company has provided regular updates. These updates comply with the Companies Act 71 of 2008, specifically sections 132(3)(a) and 132(3)(b).

Business Rescue Requirements

According to the Companies Act, if business rescue proceedings exceed three months, certain steps are required:

  • Report Preparation: Business Rescue Practitioners (BRPs) must prepare a progress report. This report must be updated monthly.
  • Report Delivery: The report and its updates must be delivered to affected persons and the Companies and Intellectual Property Commission.

June 2024 Report

The June 2024 report, which is the eighteenth report, has been published. Shareholders can access this report on the company’s website.

Accessing the Report

The report is available under the ‘Business Rescue’ tab on Tongaat Hulett’s website. Shareholders can access it directly via the link: Business Rescue Report.

Timeline of Business Rescue Proceedings

DateEvent
27 October 2022Commencement of business rescue
Monthly since OctoberRegular progress reports published
4 July 2024Publication of the eighteenth report

Conclusion

Tongaat Hulett continues its efforts to navigate through its financial challenges. Regular updates and transparency remain pivotal in this process. Shareholders are encouraged to stay informed by accessing the latest reports.