Business

Vision Consortium Takes Over Tongaat

Zimbabwean business tycoon Rutenhuro Moyo is part of Vision Consortium that has taken over ownership at Tongaat Hullets, the largest Zimbabwe’s sugar producer in Triangle.

Other members of the consortium include South African billionaire Robert Gumede, of the Guma Agric, which is part of the Guma Group, and a Pakistan sugar producer, Amre Youness of Ala Almoiz Group.

The consortium has since acquired 97.3 % of the company by assuming approximately R8million of its debt.

Tongaat Hullet has been facing financial constraints and went into business rescue in October 2022 due to fraudulent activities by the executive resulting in a 12 billion debts.

The company administrators had planned to sell Tongaat to a Tanzanian sugar producer; however the deal failed due to court challenges and other bidders as-well as criticism from the Zimbabwean government which desired control over the strategic asset.

Tongaat creditors voted in favour of a new buyer, the vision group consortium.

According to Tongaat administrators Rutenhuro Moyo’s investment company Remoggo is invested in “retail, agribusiness, logistics, and facilities management services in Zimbabwe and seven other African countries”.

Moyo has been on the Hippo Valley board since 2020. He is also chairman of ZSE-listed company National Tyre Services and sits on the boards of FBC Holdings and OK Zimbabwe. He has had past roles at South Africa’s Shanduka Group, leading its interests in Coca-Cola SA and McDonalds SA. In December, it was reported that he had invested US$420,000 into Jamboo, a tech start-up planning to launch digital banking services to the African Diaspora.

Robert Gumede, a South African billionaire, is represented through his company Guma Agri, which is part of the Guma Group.
And Almoiz Industries, one of Pakistan’s prominent sugar producers, is also part of the consortium, alongside Terris AgriPro owned by businessman Amre Youness, who has previously represented mining interests in Zimbabwe.

Tongaat has been battling challenges such as land tenure, stiff competition from cheap imported sugar.

Sheltryn Parangira

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