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The country’s biggest sugar company Tongaat Hullet Limited has temporarily parked the search for a strategic equity partner, a process they had started in collaboration with Business Rescue Practitioners (BRPS), this publication has established.
The latest development came out at a breakfast meeting between Tongaat Hullet and Editors from different media Houses in Zimbabwe.
Addressing Editors, Hippo Valley Estates and Triangle Operations Managing Director, who is also the Chief executive Officer, Aiden Mhere said the company has since parked the search.
“As you may all be aware, Tongaat Hulett Limited, our principal Stakeholder was searching for a strategic equity partner through a structured business rescue process led by Business Rescue Practitioners (BRPs). Initially, Kagera Sugar Company, a Tanzanian Company had been identified as a potential partner. However, there have been some recent changes. The BRPs have now presented two amended business rescue plans today for creditors’ consideration and to provide creditors with the best possible outcome,” he revealed.
Mhere added that the plans outline two separate proposals referred to as RGS and the Vision Parties.
“These plans outline two separate proposals by entities/groupings referred to as RGS and the Vision Parties. The RGS Group, a Mozambique conglomerate and the Vision Parties – Terris Sugar, Guma, Remoggo and Almoiz.”
Creditors were invited to vote in a Pre-Meeting Proxy Vote to determine the order in which the two plans would be considered at the formal meeting on the same day in South Africa.
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