News releases
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TONGAAT HULETT LIMITED BUSINESS RESCUE PLAN ADOPTED
11 January 2024
98.51% voted in favour The business rescue practitioners (BRPs) of Tongaat Hulett Limited (THL), today announced that creditors voted in favour of the Vision Parties (Vision) business rescue plan. 91.91% of accepted creditor claims exercised their right to vote. 98.51% of those present and voting voted in favour and 1.49% of those present and voting […]
Notice THSSA Adjournment of Meeting Outcome
14 December 2023
Notice THSSA Adjournment of Meeting Outcome
EXTENSION OF THE PUBLICATION OF THE AMENDED BUSINESS RESCUE PLANS AND RELEASE OF 2022 RESULTS
31 October 2023
The business rescue practitioners (BRPs) of Tongaat Hulett Limited (THL), Tongaat Hulett Sugar South Africa and Voermol Feeds today confirmed that creditors of the respective companies voted in favour of an extension of the publication dates of the companies’ respective amended business rescue plans to no later than 24 November 2023. The meetings to vote […]
POST-COMMENCEMENT FINANCE EXTENDED
28 July 2023
The business rescue practitioners from Metis Strategic Advisors today confirmed that they have reached an agreement with the Company’s current funders to extend the post-commencement funding facility to 6 October 2023. This will allow the Company to deliver on operational and business rescue requirements while the approval process for longer-term funding is finalised.
TONGAAT HULETT LIMITED BUSINESS RESCUE UPDATE – PREFERRED BIDDER SELECTED
21 July 2023
The business rescue practitioners (BRPs) today announced that the preferred strategic equity partner (SEP) has been selected. The proposed transaction will comprise the acquisition of the complete sugar division of Tongaat Hulett Limited (THL) in South Africa and the investments in Zimbabwe, Mozambique and Botswana (Tongaat Sugar Assets). The selected SEP, Kagera Sugar Limited (Kagera), […]
POST COMMENCEMENT FINANCE FACILITY EXTENSION SECURED & UPDATE ON PAYMENT OF SASA OBLIGATIONS
5 July 2023
The business rescue practitioners (BRPs) today announced that they have reached agreement with current funders to extend the post-commencement funding facility from 30 June to 21 July 2023 pending finalisation of negotiations aimed at obtaining a longer term extension. The BRPs commented: We thank our funders for their continued support. The ongoing funding does allow […]
TONGAAT HULETT BUSINESS RESCUE UPDATE: CREDITORS SUPPORT ADJOURNING THE BUSINESS RESCUE PLAN VOTING
14 June 2023
Voting on the business rescue plans of Tongaat Hulett Limited (THL) and its subsidiaries, Voermol Feeds (Voermol) and Tongaat Hulett Sugar SA (THSSA), to be postponed The business rescue practitioners (BRPs) today confirmed that 85% of the total claims of creditors of THL (94% for Voermol and 78% for THSSA) voted regarding motions to: adjourn […]
Voermol – BR Status Report – May 2023
31 May 2023
Voermol – BR Status Report – May 2023
BUSINESS RESCUE UPDATE
31 May 2023
Plans of Tongaat Hulett Limited and its subsidiaries, Voermol Feeds* and Tongaat Hulett Sugar SA*, released today Key achievements to date Growers – Total cane grower claims before business rescue of c.R1 billion paid in full to assist with stability in the industry. All post business rescue supplies of c.R400 million also paid in full […]
TONGAAT HULETT DEVELOPMENTS PROPRIETARY LIMITED (THD) BUSINESS RESCUE PLAN ADOPTED
30 May 2023
92% of creditors voted, with 99.8% voting in favour of the plan The business rescue practitioners (BRPs) of the property development arm of Tongaat Hulett Limited (THL), today announced that creditors voted overwhelmingly in favour of THD’s business rescue plan. 92% of creditors voted, with 99.8% voting in favour. The adopted plan will now be […]
TONGAAT HULETT DEVELOPMENTS PROPRIETARY LIMITED (THD) BUSINESS RESCUE PLAN RELEASED TODAY
19 May 2023
Holding company Tongaat Hulett Limited and fellow subsidiaries Voermol Feeds (Pty) Ltd and Tongaat Hulett Sugar SA (Pty) Ltd business rescue plans remain scheduled to be released at the end of May 2023 · The THD business rescue process aims to: o provide opportunities for continued land development through third-party purchasers o offer opportunities […]
TONGAAT HULETT BUSINESS RESCUE UPDATE – FUNDING SECURED TO END JUNE 2023, BUSINESS RESCUE PLAN EXTENDED
31 March 2023
Post commencement funding (PCF) extended to end June 2023 An extension of the business rescue plan publication date to 31 May 2023 has been approved by a majority of creditors Tongaat Hulett Limited (THL) today announced that it has obtained an extension of the period of the PCF until the end of June 2023. This […]
TONGAAT HULETT UPDATE – ACTING CEO APPOINTED
7 February 2023
Tongaat Hulett today announced that the group’s current Chief Business Transformation Officer, Dan Marokane, has been appointed as the group’s acting Chief Executive Officer (CEO). He will take over from current CEO Gavin Hudson, who is leaving the group at the end of February. Mr Marokane joined Tongaat Hulett in 2018. He is currently the […]
TONGAAT HULETT BUSINESS RESCUE UPDATE
30 January 2023
Business rescue progressing well IDC post-commencement finance secured in December 2022 aimed at completion of the current season and off-crop maintenance Business rescue plan publication date extension required to finalise complex work streams CEO Gavin Hudson to exit the group at end of February Tongaat Hulett Limited (THL), Tongaat Hulett Developments, Tongaat Hulett Sugar […]
TONGAAT HULETT BUSINESS RESCUE UPDATE – ADDITIONAL FUNDING SECURED
28 December 2022
Post commencement finance secured from Industrial Development Corporation Allows the group to complete the current milling season and finalise off-crop maintenance and capital expenditure Tongaat Hulett Limited (Tongaat Hulett) today announced that Industrial Development Corporation of South Africa (IDC) has advanced post commencement finance (PCF) sufficient to fund the Tongaat Hulett businesses’ working capital requirements […]
TONGAAT HULETT LIMITED; TONGAAT HULETT DEVELOPMENT ENTER BUSINESS RESCUE IN SOUTH AFRICA
27 October 2022
Tongaat in South Africa is not being liquidated – business rescue is an endeavour to proactively protect businesses, jobs, creditors and other stakeholders The Board believes business rescue is the most responsible action given the financial position of the Company, as business rescue is likely to result in a better return to creditors than liquidation […]
TONGAAT HULETT BOARD APPROVES CAPITAL RESTRUCTURING
17 October 2022
Tongaat Hulett (“Tongaat” or “the Company”) today announced that the critical next step in delivering the comprehensive restructuring strategy to reduce its excess debt to sustainable levels and ensure the sustainability of the group has been completed. The Board has approved the capital restructuring plan created by the Chief Restructuring Officer (CRO) and Restructuring Committee […]
PROGRESS WITH CAPITAL RESTRUCTURING PROCESS AND CHANGE TO THE AUDIT AND COMPLIANCE COMMITTEE
28 September 2022
Tongaat Hulett today provided shareholders with an update on its capital restructuring process and a new appointment to its Audit and Compliance Committee. Tongaat advised shareholders that efforts continue to submit a capital restructuring plan to reduce the Company’s excess debt and ensure its longer-term sustainability. This aims at dealing with excess debt in South […]
TONGAAT HULETT PROPERTY, FUNDAMENTUM AND THE ETHEKWINI MUNICIPALITY PARTNER TO UNLOCK SHONGWENI’S POTENTIAL
16 August 2022
A new catalytic project in Durban’s outer west region deploys innovative thinking that combines the efforts of the public and private sector to create long-term value for all stakeholders. The Shongweni Urban Core transaction, between local development company Fundamentum Property Group and Tongaat Hulett, with strong support of the eThekwini Municipality, will see a multi-phased […]
TONGAAT HULETT SHARES SUSPENDED FROM TRADING
19 July 2022
The JSE today notified Tongaat Hulett of its decision to suspend trading in the Company’s shares. On 15 July 2022, Tongaat advised shareholders that it had voluntarily approached the JSE and requested a temporary suspension of the Company’s shares due to delays in the publication of the Provisional 2022 Financial Statements and the Audited 2022 […]
RESTRUCTURING PLAN TIMIMG SET; REQUEST MADE TO JSE TO SUSPEND SHARE TRADING
15 July 2022
Tongaat Hulett today informed shareholders that the company’s newly established restructuring committee will present the restructuring plan to the Tongaat board by 30 September 2022. The comprehensive restructuring plan seeks to improve liquidity levels, reduce debt to sustainable levels and provide clarity on a way forward for the company to all stakeholders. As both the Board and […]
CHANGES TO THE BOARD AND BOARD COMMITTEES AND APPOINTMENT OF A CHIEF RESTRUCTURING OFFICER AND TERMINATION OF MAGISTER AGREEMENT
25 June 2022
Tongaat Hulett has announced the establishment of a Restructuring Committee, an additional sub-committee of the board of directors of the Company. The establishment of the Restructuring Committee and the appointment of the Chief Restructuring Officer are to intensify the focus on the turnaround of the Company, due to the delay in implementing the rights offer. […]
UPDATE ON DEBT NEGOTIATIONS AND DELAY TO PUBLICATION OF RESULTS
15 June 2022
Tongaat Hulett continues work to find a sustainable financing solution for the Tongaat Hulett group. The Company continues to enjoy support from various stakeholders who recognise the critical social impact that Tongaat Hulett has in South Africa and across the SADC region. As a key element of this restructuring, Tongaat had hoped to implement a […]
TONGAAT HULETT UPDATE ON TRP PROCESS AND PROPOSED RECAPITALISATION
10 June 2022
Following its investigation, the Takeover Regulation Panel (TRP) issued a ruling on Friday 3 June withdrawing its previous determination in which it exempted Magister from the potential future obligation to make a mandatory offer to Tongaat shareholders as a consequence of it partially underwriting Tongaat Hulett’s proposed rights offer. The TRP investigation focused on whether […]
TONGAAT HULETT LIMITED – OUTCOME OF AN INVESTIGATION BY THE TAKEOVER REGULATION PANEL (“THE TRP”)
6 June 2022
Following its investigation, the Takeover Regulation Panel (TRP) has issued a ruling withdrawing its previous determination in which it exempted Magister from the potential future obligation to make a mandatory offer to Tongaat shareholders as a consequence of it partially underwriting Tongaat Hulett’s proposed rights offer. The TRP investigation focused on whether a third-party who […]
THL BOARD CHAIRMAN TO STEP DOWN, INTERIM CHAIRMAN APPOINTED
23 May 2022
Mr Louis von Zeuner, Chairperson and Non Executive Director of the Tongaat Hulett board, has regrettably informed the board that he will not be available for re-election as Chairman at this year’s AGM due to a change in his personal circumstances. Mr von Zeuner has consequently resigned as Chairman, but will remain on the board […]
INVESTING IN THE FUTURE OF THE SA SUGAR INDUSTRY THROUGH SKILLS DEVELOPMENT
22 April 2022
The challenges facing the SA sugar industry have received significant coverage over the past few years. Over 1 million South African’s are however reliant on the SA sugar industry along its value chain and Tongaat Hulett is committed to helping secure its long term success. In the 2021/22 season the milling operations were negatively impacted […]
PROGRESS IN CRIMINAL CASE AGAINST FORMER TONGAAT EXECUTIVES AND FORMER DELOITTE AUDIT PARTNER IN RELATION TO FRAUD CHARGES
11 February 2022
Tongaat Hulett has been informed by the National Prosecuting Authority (NPA) that seven individuals, including six former company executives, appeared in the Durban commercial crime court on Thursday 10 February in relation to fraud charges. The seventh individual, Gavin Kruger, was the Deloitte audit partner on the Tongaat Hulett audit and at all times employed […]
TONGAAT HULETT DONATES UNIFORMS TO DESERVING PUPILS
10 February 2022
Disadvantaged pupils in the Hambanathi community on the KwaZulu-Natal North Coast have commenced school all togged up in brand new uniforms provided by agri-business giant, Tongaat Hulett. The pupils, who attend Nkosibomvu High School, were thrilled when they were presented with new uniforms and shoes and were full of praise for the generous donation […]
TONGAAT HULETT RECAPITALISATION WINS SHAREHOLDER APPROVAL
18 January 2022
Tongaat Hulett announced today that the proposed major recapitalisation via a rights offer, was overwhelmingly supported by shareholders at a special general meeting held earlier. Tongaat Hulett CEO Gavin Hudson said: “We are very happy with today’s outcome and appreciate the robust shareholder engagement process and their firm support. This is a key step in […]
VOERMOL RECOGNISED AS A SUPPLIER OF CHOICE
13 January 2022
Towards the end of 2021 Voermol was recognised by 2 of its key clients at their supplier awards. At the OVK gala dinner 3 November Voermol was recognised as their Supplier of the Year, out of about 900 suppliers. Awards were also given to category winners for service and product delivery. Voermol won the following […]
TONGAAT HULETT SEEKS R450 MILLION IN CIVIL CLAIMS AGAINST FORMER EXECUTIVES
11 January 2022
Tongaat Hulett is committed to its undertaking to act on the findings of the PwC forensic investigations which identified that certain senior executives initiated or participated in undesirable accounting practices which resulted in the company’s profits being overstated over a number of years. This led to the loss of value to our shareholders and many […]
#NotOnMyWatch
5 January 2022
Our Tip-off anonymous tool helps stakeholders report any behaviour that goes against our code of ethics. As we create a sweet future for Tongaat Hulett we need to stand up and say no, #NotOnMyWatch to any unethical behaviour across the company. All tip-offs received are anonymous. A total of 58 reports were received between 1 […]
PROPOSED EQUITY RAISE BY TONGAAT HULETT LIMITED
17 November 2021
The funding is set to bolster both Tongaat’s investment proposition, and its socio-economic legacy across Southern Africa. Tongaat Hulett today announced a proposed major recapitalisation via a rights offer of new shares, partially underwritten by Magister Investments Limited, a shareholder and strategic partner. The proceeds from therights offer will be used to sustainably reposition the […]
RICHMOND SUGARCANE FARMER IS #GROWINGASWEETFUTURE
25 October 2021
Exciting news in local sugarcane farming! After a big final, where judges were “blown away by the extremely high standard of finalists,” Richmond sugarcane farmer, Brad O’Neil, has taken the title of KZN Kwanalu Young Farmer of the Year 2021. Brad’s victory is made sweeter by the fact that he has been chosen to be a Huletts […]
PHISHING SCAM ALERT
19 October 2021
It has come to our attention that there is a scam, imitating a Huletts® competition, that has been circulating on WhatsApp. The competition falsely states that as part of our 129th anniversary, participants who answer a questionnaire could stand a chance to win R4000.00. This is a phishing scam where fraudsters aim to access your […]
TONGAAT HULETT ACHIEVED B-BBEE LEVEL 2 STATUS
1 October 2021
Tongaat Hulett’s Mission is to build our future by creating sustainable value for all our stakeholders. We are proud to announce that we have taken another significant step in living up to this commitment by achieving a Broad-Based Black Economic Empowerment (B-BBEE) Level 2 status in our recent audit for the year ended 31 March […]
CELEBRATING WOMEN IN AGRICULTURE
27 August 2021
The month of August which is commemorated as Women’s Month is an opportune time to reflect upon women who have made an impact in agriculture. Tongaat Hulett is committed to supporting women in agriculture. By creating and maintaining a vibrant working relationship with its female growers, contractors and all women in management and leadership positions […]
TONGAAT HULETT GIVES BACK AND JOINS ETHEKWINI MUNICIPALITY IN A COMMUNITY CLEAN UP
16 July 2021
Tongaat Hulett partnered with the eThekwini municipality, Leitch Landscapes and the Magwaveni community in Tongaat to implement a community clean-up campaign. The objective of the campaign was to improve the public spaces in and around the Magwaveni community that have been neglected. The clean-up targeted sidewalks, the area around the taxi rank and areas near […]
TONGAAT HULETT AND KZN GOVT PARTNERSHIP YIELDS SWEET REWARDS
8 July 2021
Five years after being thrown a lifeline by Tongaat Hulett and the KwaZulu-Natal Department of Economic Development, Tourism and Environmental Affairs (EDTEA), 287 small-scale sugarcane growers on the KZN North Coast are reaping the benefits of Operation Sakhinzuzo. The programme has created much-needed jobs, put food on the table, provided schooling for children and helped […]
TONGAAT HULETT CELEBRATES WORLD RED CROSS DAY
20 May 2021
Through a partnership with the Red Cross Society, Tongaat Hulett has invested R375 000 towards the establishment of two food security initiatives in KwaZulu-Natal. The objective of the initiative is to ensure that communities and the volunteers build internal systems that would cushion them against any form of risk or environmental shocks including COVID-19. The first […]
TONGAAT HULETT FACILITATING THE PROVISION OF TRAINING OPPORTUNITIES
3 February 2021
Last year, a total of 67 youngsters and community members in KwaZulu-Natal are fulfilling their dreams of becoming qualified artisans and agriculturalists. Tongaat Hulett secured R3.9 million to assist these community members and youngsters in the areas where the company operates to fulfil their dreams of becoming qualified artisans and agriculturalists in the various sugarcane […]
PROFILE: BUDDING ICT ENTREPRENEUR NJABULO MAPHUMULO
10 December 2020
Njabulo Maphumulo is a budding entrepreneur who has worked hard to expand his Information and Communications Technology (ICT) business with the support of Tongaat Hulett. Maphumulo said Tongaat Hulett’s assistance since 2018 has been invaluable as it enabled the business to grow its capacity. “The main reason I sought assistance from the start was to […]
R6-MILLION DISTRIBUTED TO BENEFICIARIES FOLLOWING TONGAAT HULETT AND UBIZO CPA AGREEMENT
26 November 2020
A total of 194 households in Ubizo, near Richards Bay, have benefitted to the tune of R6-million following an agreement signed two years ago between Tongaat Hulett and the Ubizo Communal Property Association (CPA) aimed at social upliftment and improving livelihoods. The Ubizo CPA acquired more than 2 500ha of land as a result of […]
TONGAAT HULETT DOES NOT OFFER JOBS IN EXCHANGE FOR MONEY
16 November 2020
We follow sound and fair recruitment processes, and any offer of employment would never be contingent on a candidate making any form of payment. Please be aware that if you are approached and offered a position in exchange for money, this is fraudulent. We encourage you to report it anonymously on our 365/24/7 FreeCall Tip-offs […]
BANKING DETAILS SCAM ALERT
27 October 2020
The pandemic and introduction of lockdowns globally saw a surge of cybercrime, and there has been a noticeable increase in incidents in Southern Africa. Please remain extremely vigilant to unusual emails to ensure that you are protected. One recent method adopted by fraudsters is to pose as a company representative and request a customer to […]
PROFILING PHUMZILE NTULI – INTERNATIONAL DAY OF RURAL WOMEN
26 October 2020
Rural women play a central role in supporting their households by generating income, ensuring there is food on the table for their families and improving the overall well-being of their communities. They create and contribute to agriculture and rural enterprises and participate in a wide range of grassroots activities. They also tend to spend far more time […]
TONGAAT PARTNERS WITH ETHEKWINI MUNICIPALITY TO COMMEMORATE WORLD FOOD DAY
14 October 2020
Tongaat Hulett and the eThekwini Municipality have formed a partnership to donate food hampers to child headed households in and around the Tongaat area in commemoration of World Food Day 2020. As many countries and communities around the world struggle to deal with the devastating impact of the COVID-19 pandemic, the organisers of World Food […]
SADC PARTNERSHIP BETWEEN TONGAAT HULETT AND SOUTHERN LODESTAR FOUNDATION
8 October 2020
The Southern Lodestar Foundation has donated 60 tons of instant porridge to support vulnerable children in Zimbabwe, Mozambique and eSwatini. At the beginning of the COVID-19 outbreak, Tongaat Hulett partnered with the Southern Lodestar Foundation to donate high energy porridge to communities associated with Tongaat Hulett in South Africa and other countries. Research shows that […]
TONGAAT WELCOMES DECISION ON STARCH SALE
22 September 2020
Tongaat Hulett has welcomed the decision by independent third-party Rothschild & Co that a material adverse change (MAC) has not occurred with relation to the R5.35 billion sale of its starch business to Barloworld. Tongaat CEO Gavin Hudson said was pleased that the decision by the independent expert had confirmed Tongaat’s belief that a MAC […]
TONGAAT HULETT TURNAROUND STRATEGY PAYS OFF IN FY20 RESULTS
14 August 2020
Tongaat Hulett today released its results for the year to end March 2020, which showed the group had posted an operating profit of R3.3 billion against R551 million the previous year. If the Zimbabwe operations are excluded, operating profit improved by just over R1 billion, increasing to R375 million against a loss of R650 million […]
TONGAAT HULETT AND PARTNERS DRIVE AWARENESS CAMPAIGN ON COVID-19
21 July 2020
Durban, 20th July 2020: Tongaat Hulett this weekend launched a targeted campaign to drive awareness amongst key communities on COVID-19, including the importance of practicing good hygiene to reduce the risk of contracting the virus. A total of 400 hand sanitizers, soaps as well as 1 000 cloth masks were distributed to children and adults […]
TONGAAT HULETT ANNOUNCES SALE OF ESWATINI BUSINESS
22 June 2020
[Durban, 17 June 2020]: Tongaat Hulett today announced it had entered into an agreement with Eswatini’s Public Service Pensions Fund (the PSPF) to sell Tambankulu Estates, its Eswatini agri-business, for R375 million. Tongaat Hulett CEO Gavin Hudson said the sale of Tambankulu was fully aligned with the company’s turnaround plan, and would allow Tongaat to […]
TONGAAT HULETT PARTNERSHIP WITH JOBS FUND CONTINUES TO DELIVER SIGNIFICANT BENEFITS TO RURAL COMMUNITIES
21 May 2020
A partnership between Tongaat Hulett and The Jobs Fund to accelerate socio-economic transformation in rural communities, which began in 2014, has proven its worth with more than 5 800 people still benefitting from the project. The initiative, which created more than 3 000 jobs in Northern KwaZulu-Natal – an area of significant unemployment and poverty […]
COMMITTED TO COMMUNITY: HEALTH PARTNERS IN A FUNCTIONAL COMMUNITY PROJECT DURING COVID-19
16 April 2020
While great uncertainty remains about the tough times ahead, the opportunity for business to band together and assist those at the forefront of the fight against the pandemic and malnutrition is equally significant. One such partnership comes from Tongaat Hulett, NCP Alcohols, Spring Lights Gas (SLG), Nampak Rigid Plastics and Southern Lodestar Foundation in creating […]
TONGAAT HULETT AND SOUTHERN LODESTAR FOUNDATION TEND TO HYGIENE AND NUTRITION NEEDS IN WAKE OF CORONAVIRUS
6 April 2020
With the coronavirus putting severe strain on hygiene and nutrition resources, agro-processing group Tongaat Hulett and Southern Lodestar Foundation are distributing thousands of hand sanitiser kits and instant porridge packs in KwaZulu-Natal. As the government battles the possibility of a runaway coronavirus outbreak, Tongaat Hulett and the Foundation are working with the KZN Department of […]
TONGAAT HULETT SELLS STARCH DIVISION TO BARLOWORLD FOR R5.35 BILLION
28 February 2020
Tongaat Hulett Limited confirmed today that it would sell its Starch business to Barloworld Limited for an enterprise value of R5.35 billion. The deal will have a significant impact on reducing Tongaat’s debt. In terms of the agreement, all jobs at the Starch business will be retained, with the transfer of employees’ conditions of service […]
SCAM ALERT
10 February 2020
Tongaat Hulett is committed to fair and equitable procurement processes and is committed to the elimination of all forms of fraud, collusion and other unethical behaviour that undermine procurement governance. It has come to our attention that certain businesses have been contacted and requested credit by persons posing as Tongaat Hulett employees, utilising fraudulent Tongaat […]
KEY FINDINGS OF PWC INVESTIGATION
29 November 2019
Following the appointment of Mr Gavin Hudson as new CEO of THL in February 2019, the THL board of directors (Board) gave the new CEO the mandate to conduct an immediate and comprehensive strategic and financial review with the objective of stabilising the business, addressing the debt levels and setting the path towards acceptable returns […]
TONGAAT HULETT CONTRIBUTING TO THE TRANSFORMATION OF THE SUGAR INDUSTRY
25 October 2019
Tongaat Hulett is advancing the establishment of a transformative milling, refining and sugar marketing business which aims to offer small-scale growers, commercial growers; and equity partners an opportunity to partner in a well-structured, sustainable and competitive sugar business spanning the North Coast of KwaZulu-Natal. Strategic assets owned by Tongaat Hulett’s South African sugar operations will […]
UZINZO: CHANGING THE LANDSCAPE OF SUGARCANE FARMING IN KZN
1 October 2019
As agri-processing giant Tongaat Hulett exits sugar farming, sweet success is being tasted by previously disadvantaged individuals who are taking the gap. A strategic review and turnaround process currently underway within Tongaat Hulett has identified the opportunity for the company to exit its direct sugarcane farming activities in South Africa. Tongaat Hulett’s South African sugar […]
SUSPENSION OF LISTING OF SHARES
11 June 2019
The decision this week by the Board to request the suspension of the listing of Tongaat Hulett shares on the Johannesburg Stock Exchange was voluntary, and followed the recently announced delay in publishing our financial statements and the ongoing review into past financial practices. The reason for the suspension was to ensure that the market […]
PROGRESS ON PRIORITY AREAS IDENTIFIED TO TURN AROUND THE BUSINESS
28 February 2019
Further to the trading statement that was recently issued regarding the challenges the business is facing, it is important to note that work is far advanced regarding a number of priority areas that have been identified to turn around the business. These areas include streamlining the operations, rationalising where appropriate and improving business performance and […]
GO!DURBAN N2 BRIDGE – STITCHING CORNUBIA INTO UMHLANGA
22 November 2018
The Cornubia Bridge, a key component of eThekwini’s GO!Durban IRPTN network which crosses the N2 highway linking onto uMhlanga Ridge Boulevard is about to open to traffic and will complete the primary access into Cornubia with direct access from the N2 as well as providing an additional alternative access into uMhlanga Ridge. Planned to accommodate […]
NTSHONGWENI URBAN DEVELOPMENT RECEIVES CONSTRUCTION GO AHEAD
11 September 2018
Civil construction on the Ntshongweni Urban Development has been approved to start in early 2019. The 2000-hectare project is the next logical urban precinct expected to unlock significant economic activity for Durban’s largely under serviced outer west sub-region.
WHEN THE PUBLIC AND PRIVATE SECTORS WORK TOGETHER, COMMUNITIES THRIVE
18 May 2018
Coordinated public investment in public and economic infrastructure can transform township economies and catalyse private sector investment.
TONGAAT HULETT COMMISSIONS CHIREDZI GAS PLANT
18 April 2018
Tongaat Hulett, Zimbabwe’s largest sugar producer, has commissioned a 40-tonne liquefied petroleum gas plant in Chiredzi that will provide renewable and clean energy to more than 5 000 workers of the country’s single largest employer. Tongaat, which owns Triangle and Hippo Valley Estates employs close to 18 000 workers.
RETIRE KZN STIMULATES OVER R1 BILLION IN RETIREMENT INVESTMENT
11 April 2018
The Retire KZN initiative, launched by sugar and property giant Tongaat Hulett 18 months ago, has already helped inject approximately R1 billion in retirement investments into KwaZulu-Natal. And, there is more investment on the horizon.
VITAMIN A SUGAR FORTIFICATION LAUNCHED IN MOZAMBIQUE
4 December 2017
The Mozambican sugar fortification programme was recently launched at Tongaat Hulett’s Mafambisse sugar mill.
TONGAAT HULETT RECOGNISED AS GLOBAL LEADER IN SUSTAINABLE WATER
30 October 2017
Tongaat Hulett has been recognised as a global leader in sustainable water management and has been awarded a position on this year’s Water A-List by CDP, the non-profit global environmental disclosure platform.
TONGAAT AND ADVTECH SIGN LANDMARK SCHOOL DEVELOPMENT DEAL
15 August 2017
Tongaat Hulett has signed a landmark deal with education group ADvTECH to develop the first new school in the uMhlanga region in more than 14 years. The 2 000 student facility, located within the renowned Sibaya Coastal Precinct, is scheduled to open in 2020.
TONGAAT HULETT LAUNCHES SUGAR REFINERY PROJECT IN MOZAMBIQUE
24 July 2017
Tongaat Hulett announced details of its ongoing commitment to the long-term success of the Mozambique Sugar Industry with a new investment of some Mt2,5 billion (R550 million) in the construction of a Sugar Refinery at its Xinavane operation. On the morning of 24 July 2017, Prime Minister of Mozambique, His Excellency Carlos Agostinho Do Rosário, Chief Executive Officer of Tongaat Hulett, Mr Peter Staude, the Minister of Trade and Industry Ernesto Max Tonela and numerous other dignitaries joined stakeholders at the Ground Breaking Ceremony in Xinavane, as they celebrated the launch of the project.
PARTNERING TO IMPROVE FOOD SECURITY
7 July 2017
Tongaat Hulett in partnership with the Mngampondo community and Siyazisiza Trust, a northern KZN non-profit rural development organisation, are working to improve food security and grow the rural economy. The Mngampondo food security project, which will establish 6.8 hectares of food crops, has already planted 2 hectares of maize, 0.5 hectares of beans and 0.7 hectares of butternut since commencement in June 2016.
BRIDGE CITY’S BOLD VISION BECOMES REALITY
7 April 2017
Construction of a landmark affordable housing project at Bridge City is due to start within weeks, marking another step toward realising the development’s bold vision. A joint venture between Tongaat Hulett and eThekwini Municipality, Bridge City is positioned as a mixed-use precinct able to cater to a broad range of constituents.
DEVELOPMENT MOMENTUM BUILDS AT BRIDGE CITY
5 March 2017
Development at Bridge City is gathering momentum in 2017, according to Brian Ive, a development executive at Tongaat Hulett Developments, which is driving the evolution of this ground breaking mixed use precinct to the north of Durban.
KWAZULU-NATAL TO GET ANOTHER RETAIL, LOGISTICS PARK
10 February 2017
A multimillion-rand logistics and retail park being developed by M&F Giuricich Developments and Fortress Property Fund, in KwaZulu-Natal, will be built this year.
A LOOK AT DURBAN’S R1.8 BILLION CORNUBIA SHOPPING MALL
10 October 2016
Cornubia Shopping Mall, a new retail development located in the north coastal corridor of Durban, is on track to open its doors in September next year.
WORK IS UNDER WAY AT NEW SIBAYA PRECINCT ON KZN NORTH COAST
9 October 2016
With the installation of services now under way at the Sibaya precinct, the time frame for the development at the new Signature Sibaya estate is on track.
ECONOMIC DEVELOPMENT AND JOB CREATION ON ITS WAY IN BRIDGE CITY
10 June 2016
North of Durban, an entirely new town is currently under construction. Bridge City is going to be an “all-in-one”, Brian Ive, development executive at Tongaat Hulett Developments said.
CORNUBIA ANALYSIS SHOWS CONSIDERABLE POSITIVE IMPACT
31 March 2016
A recent analysis conducted by KPMG to determine the economic and financial viability of the Cornubia development north of Durban shows that it holds unquestionable benefit to the city, its people and the economy.
STRATEGIC PARTNERING AT TONGAAT HULETT STARCH
21 March 2016
An upgrade to the existing Alidex plant at Tongaat Hulett Starch's Germiston mill, costing some R130 million, has resulted in an increase of its enzyme glucose output to 300 tonnes from 130 tonnes per day. The expansion was driven by increased customer demand in the spray drying sector.
CORNUBIA ACCESS INTO INDUSTRIAL AND BUSINESS ESTATE ENHANCED WITH OPENING OF JG CHAMPION DRIVE
16 March 2016
Access into the Cornubia Industrial and Business Estate (CIBE) has been greatly improved with the opening of MR 458 road-over-rail bridge which leads motorists directly to the main entrance of the estate.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2015
16 November 2015
The results for the half-year ended 30 September 2015 were attained with strong performances from the land conversion activities and the starch operation being more than off-set by the impact of difficult conditions for the sugar industry. In total, for the six months, revenue amounted to R7,6 billion and operating profit of R1,4 billion was generated, which is 9,9% below last year.
BRIDGE CITY ATTRACTS ENTREPRENEURS
3 November 2015
Bridge City, a key link in KwaZulu-Natal’s rapidly developing Northern Growth Corridor, is attracting entrepreneurs and new entrants into the property development space thereby helping grow the regional economy and uplift surrounding communities.
PARTNERSHIP TO CREATE EXCELLENCE IN AGRICULTURAL EDUCATION
10 October 2015
Government through the National Development Plan Vision 2030 (NDP) has emphasised on the importance of building an inclusive and integrated rural economy where local government, rural communities and business create partnerships to drive local economic development and maintain sustainability. Tongaat Hulett believes that business is a significant contributor to the planning and implementation of the NDP.
RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2015
25 May 2015
The results for the year ended 31 March 2015 were attained in difficult conditions in the sugar industry and with a number of positive achievements by Tongaat Hulett in terms of cost reductions, securing local markets and future cane supplies. The starch operations again delivered a strong performance. Land conversion and development activities continue to unlock substantial value, albeit with operating profit recognised in the year being below that reported last year. Overall, with revenue of more than R16 billion, operating profit of R2,089 billion was earned, reflecting a 12% reduction compared to the previous best of R2,374 billion earned last year.
TONGAAT HULETT PARTNERS WITH LAND OWNERS
26 December 2014
Courtesy of: The North Coast Courier 26-12-2104
TONGAAT HULETT PARTNERS WITH BEE CONSORTIUM THROUGH THE SALE OF PRIME LAND AS UMHLANGA EXPANDS INTO CORNUBIA
14 November 2014
Tongaat Hulett’s 12-hectare, 85,000 m2 first phase of the westward expansion of Umhlanga Ridge into Cornubia, which was launched in late August, has sold out. The sale, which was concluded during September, sold five subdivisions to two purchasers, with 68 000m2 going to a local black-owned company.
INTERNATIONAL LAUNCH OF SIBAYA MEGA PROPERTY
14 November 2014
Tongaat Hulett has embarked on a new chapter in its land conversion activities with the appointment of Savills (UK) in association with 5th Avenue and the Pam Golding Properties Group to launch Sibaya Nodes 1 and 5 real estate opportunities to an international market.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014
10 November 2014
The encouraging results for the half-year ended 30 September 2014 were achieved with various improvements in the sugar operations at a time when revenue is being negatively affected by lower international sugar prices. The starch operations delivered a strong performance. Land conversion and development activities continue to unlock substantial value, albeit with operating profit recognised in this half-year being below that reported in the same period last year. Overall, revenue increased by 3% to more than R8 billion and operating profit reflected a 9% increase to exceed R1,5 billion.
TONGAAT HULETT – SOUTH AFRICAN SUGAR OPERATIONS
10 October 2014
Rainfall in the South African cane catchment areas has been well below the long-term mean and this topic has received substantial coverage over the past few months.
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2014
26 May 2014
The results for the year ended 31 March 2014 were achieved with significantly increased momentum and value in land conversion and development activities, together with a strong performance from the starch operations, at the same time as the sugar operations’ profit being negatively affected by severe market dynamics impacting revenue and cane valuations, partially off-set by substantial cost reductions and volume growth.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2013
11 November 2013
Revenue increased by 6 to R7,854 billion and operating profit grew by 7 to R1,381 billion for the half-year to September 2013. The results reflect the combination of a number of factors with differing impacts.
GOOD HOUSEKEEPING MAGAZINE CELEBRITY BAKE STARS EVENT
17 September 2013
Huletts was proud to be a sponsor of the Good Housekeeping Celebrity Bake Star reader event held in Cape Town on the 20th of August. Guests enjoyed a morning of great company and a selection of both local and international celebrities’’ favourite baked recipes.
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2013
24 May 2013
Tongaat Hulett’s revenue grew by 19 to R14,373 billion for the 2012/13 year and headline earnings increased by 18,7 to R1,058 billion. Total sugar production increased by 104 000 tons (9 ) to 1,254 million tons, after increasing by 14 in the prior year. The cane supplied to all the sugar mills grew to 10,3 million tons, with various on-going cane supply initiatives.
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2012
28 May 2012
Tongaat Hulett’s total sugar production for the 2011/12 year grew by 14% to 1,150 million tons. This included increases of 42% in Mozambique, 12% in Zimbabwe and 7% in South Africa. The cane supplied to all the sugar mills grew to 9,6 million tons, with significant momentum building in the various on-going cane supply initiatives. The starch operations benefitted from world competitive maize costs and improved co-product recoveries. An increasing number of hectares of land are moving towards becoming active developments, with the first sales of industrial land in Cornubia having been concluded in March 2012.
INTERIM RESULTS FOR THE HALF-YEAR ENDED 30 SEPTEMBER 2011
14 November 2011
Tongaat Hulett's total sugar production for the 2011/12 year is expected to increase by some 14% to 1,150 million tons. More than 80% of the season’s cane had been milled by the end of October 2011. Sugar production for the year in Mozambique is expected to be approximately 45% above last year, production in Zimbabwe should rise by 10% and in South Africa it should increase by some 8% over that of last year. Good progress is being made in these countries related to increasing cane supply, with the area under cane increasing and the positioning of the crop improving. In the present economic conditions few hectares are generally being sold for land and property development. The starch business has benefitted from improved co-product recoveries and world competitive maize costs.
Audited Results for the Year ended 31 March 2011
30 May 2011
The past year continued to be characterised by counteractive factors. Progress towards fully utilising Tongaat Hulett’s installed sugar milling capacity of some 2 million tons per annum was hampered by the severe drought in the 2009/10 growing period in South Africa, coupled with poor growing conditions in Mozambique in the early part of 2010.
Interim results for the half-year ended 30 September 2010
15 November 2010
Revenue of R4,724 billion (2009: R4,011 billion).
Profit from operations of R963 million (2009: R873 million).
Headline earnings of R507 million (2009: R452 million).
Interim dividend of 110 cents per share (2009: 100 cents per share).
Lauch of Operation Vuselela
20 August 2010
LAUNCH OF OPERATION VUSELELA KwaZulu-Natal Department of Economic Development & Tourism (DEDT) in partnership with Tongaat Hulett has taken the concept of public-private partnership to a higher level in their collective drive to accelerate socio-economic transformation in various rural communities in the province. This has been demonstrated in their collaboration and commitment towards the […]
AGM Update by the CEO of Tongaat Hulett
27 July 2010
Annual General Meeting - Update by the CEO of Tongaat Hulett
Audited results for the 15 months ended 31 March 2010
28 May 2010
Profit from operations increased by 28% to R1,691 billion for the 15 months ended March 2010, compared to the corresponding 15 month prior period, with headline earnings growing by 37% to R858 million. Tongaat Hulett has increased profit from continuing operations every year since 2003 as the company benefits from its growing operations and the emerging global dynamics of increasing demand for agricultural products, food, renewable energy and land usage.
Results for the 12 months ended 31 December 2009
1 March 2010
Revenue of R9,1 billion (2008: R7,1 billion)
Profit from operations of R1,555 billion (2008: R1,132 billion)
Headline earnings of R839 million (2008: R583 million)
Recovery of Zimbabwe operations underway
Anglo American plc Disposes its Shareholding in Tongaat Hulett
13 August 2009
Tongaat Hulett shareholders are referred to the announcement made today by Anglo American plc on the completion of its sale of the shares it owned in Tongaat Hulett to institutional investors.
Anglo American Plc Shareholding in Tongaat Hulett
12 August 2009
Tongaat Hulett shareholders are referred to the announcement made today by Anglo American plc in respect of a bookbuild process (involving Tongaat Hulett ordinary shares and exchangeable bonds issued by Anglo American) to dispose of the shares it owns in Tongaat Hulett to institutional investors.
Interim Results for the Half-Year Ended 30 June 2009
3 August 2009
The first half of 2009 was characterised by the restoration of key macroeconomic fundamentals for the sugar business in Zimbabwe and limited opportunity for agricultural land conversion as a result of testing market conditions for property developers in South Africa. Headline earnings increased to R440 million compared to R252 million in the first half of 2008.
Trading statement for the half-year to 30 June 2009 and withdrawal of cautionary announcement
22 July 2009
Tongaat Hulett issues this Trading Statement on the expected results for the half-year to 30 June 2009, based on the consolidation of the Zimbabwe operations as explained in the cautionary announcement of 18 June 2009.
Hippo Valley Estates Limited
28 May 2009
Notice to shareholders and annual results
Fire at raw sugar storage facility at sugar refinery
9 May 2009
Tongaat Hulett said that a fire had broken out at the raw sugar storage facility
of its sugar refinery operation in South Coast Road, Durban. The fire broke out
at approximately 04:40 today and had been extinguished by 08:00.
Tongaat Hulett Sugar South Africa MD, Martin Mohale says "Two of the three raw
sugar stores were destroyed by the fire and a third store was partially damaged.
The sugar factory was not affected. There were no injuries. We are investigating
the exact cause of the fire and the impact that it will have on operations.
Tongaat Hulett will be able to continue supplying our local customers based on
the level of finished product that we have available. We are already working
with our insurers in order to determine how soon we can start rebuilding of the
affected facilities."
Retirement and appointment of chairman
1 April 2009
Cedric Savage, who has reached mandatory retirement age, retires as Chairman and Director of Tongaat Hulett at the Annual General Meeting on 29 April 2009. The board has appointed JB Magwaza as Chairman with effect from that date.
Results for the year ended 31 December 2008
23 February 2009
Revenue increased by 11% to R7,1 billion in 2008 and profit from operations grew by 35% to R1,132 billion. Headline earnings improved to R583 million (2007: R61 million which were affected by corporate structuring transactions).
Tongaat Hulett – committed to a sustainable solution for affordable housing
20 August 2008
Tongaat Hulett is working together with the eThekwini Municipality in order to develop a sustainable solution to the affordable housing needs of the region. The Tongaat Hulett / eThekwini Municipality partnership identified the Cornubia site as an area on which a substantial development could be built. This sustainable mixed-use development would contribute to addressing the imperatives of city-building, job creation and affordable housing.
Tongaat Hulett in joint initiative to develop black maize farmers
5 August 2008
Tongaat Hulett further enhanced its reputation in the area of Broad-Based
Black Economic Empowerment with the launch today of the Ithuba Farming
Project, an initiative in partnership with the Buhle Farmers' Academy. The
primary objective of the project is to increase the number of competent black
commercial maize farmers in South Africa.
Tongaat Hulett receives approval for its Umhlanga Ridgeside Development
18 December 2007
Tongaat Hulett received confirmation that the eThekwini Municipality has approved the Development Framework Plan for Umhlanga Ridgeside. The 140 hectare development will be done in phases of innovatively combined commercial, residential and leisure developments.
Tongaat Hulett achieves high rating on broad based BEE scorecard
5 December 2007
Tongaat Hulett confirmed its position as a top performer in the area of transformation when it was awarded a Level Three Contributor status in terms of the Broad-Based BEE Scorecard by an independent verification agency, National Empowerment Rating Agency KZN (NERA KZN). BEE partners and other invited guests were present at NERA’s official presentation of its certificate of recognition to Tongaat Hulett CEO Peter Staude.
Interim Results for half-year ended 30 June 2007
30 July 2007
CEO Peter Staude said “After last year’s record earnings, these results are another step along a journey. Tongaat Hulett possesses the advantage of owning an unmatched mix of agri-processing and land assets which together with the ability to make things happen enables us to exploit a rapidly changing global agriculture, land, energy and trade environment. The profit from operations in the first half of 2007 was achieved in difficult conditions. We expect to deliver real growth in profit from operations for the full 2007 year.
Launch of new name and single entity brand and BEE equity partnership records high rating on scorecard
20 June 2007
The Tongaat-Hulett Group’s transformation from a conglomerate to an integrated agri-processing company culminated today with Tongaat Hulett launching its new logo and name. The launch coincided with a dinner to celebrate Tongaat Hulett’s partnership with Ayavuna Investments and Sangena Holdings, its broad based BEE anchor partners.
Tongaat-Hulett group: Highlights, Salient Features and Results
19 February 2007
Tongaat-Hulett Group CEO Peter Staude said “I am pleased to report another successful year, with an increase of 51% in headline earnings. The fundamental profit drivers for our operations remain soundly in place. We are pleased with the progress made in the unbundling and listing of Hulett Aluminium (Hulamin) and the introduction of broad based Black Economic Empowerment partners in both Tongaat-Hulett and Hulamin.”
Tongaat-Hulett Group to expand sugar production in Mozambique for the EU market
25 January 2007
The Tongaat-Hulett Group (THG) has approved a R1,3 billion expansion of its sugar milling and cane growing activities at its Xinavane and Mafambisse sugar mills in Mozambique. This follows the announcement of a R950 million rolled aluminium products expansion in October 2006, the acquisition of a 50,35% stake in Hippo Valley Estates in Zimbabwe and THG’s announcement on 14 December 2006 providing details of its plans to unbundle and list Hulett Aluminium (Hulamin), the simultaneous introduction of broad based Black Economic Empowerment (BEE) equity participation in both Hulamin and TH and a return of capital of R500 million to THG shareholders by way of a share buy-back.
Announcement regarding the proposed unbundling and listing on the JSE
14 December 2006
Print or download the final terms of the proposed listing on the JSE Limited of Hulamin Limited (“Hulamin”) and unbundling of THG’s 50% interest in Hulamin.
Tongaat-Hulett acquires Hippo Valley Estates
7 December 2006
Tongaat-Hulett announced today that Triangle Sugar Corporation Limited (Triangle) had acquired Anglo American’s 50,35% stake in the Zimbabwe Stock Exchange listed Hippo Valley Estates Limited for US$ 36 million.
Peter Staude, the CEO of Tongaat-Hulett said, “We are delighted to have acquired a majority shareholding in Hippo Valley. It adds a new dimension to our asset base and strengthens our position as a leading sugar producer in SADC. Together with our expansion plans in Mozambique, Tongaat-Hulett is set for exciting times capitalising on our strong regional competitive positioning in the emerging world sugar dynamics. It is part of the strategy of investing in the business to create further value.”
Hulett-Aluminium to expand capacity for high value products
12 October 2006
Tongaat-Hulett, Anglo American and the Industrial Development Corporation have given approval to proceed with a R950 million expansion project at Hulett Aluminium. This follows Tongaat-Hulett’s announcement earlier this year of its plans to unbundle and list Hulett Aluminium on the Johannesburg Stock Exchange, thereby establishing two attractive, focused investment vehicles and creating the opportunity for BEE shareholding in both entities. BEE shareholding is expected to be introduced at the level of 25% in Tongaat-Hulett and 15% in Hulett Aluminium when the unbundling and listing takes place in 2007.
Tongaat-Hulett has regularly submitted employment equity reports to the Department of Labour
12 September 2006
According to reports in the press today, the Minister of Labour, Minister Membathisi Mdladlana, released the names of 13 JSE-listed companies that have allegedly not submitted Employment Equity Reports for 2005 as required by law. Tongaat-Hulett has been identified as one of the companies on the list.
Interim results for the half-year ended 30 June 2006
31 July 2006
View the Tongaat-Hulett Group's Interim Results for the half-year ended 30 June 2006
Highlights of the results for the year to December 2005
20 February 2006
Headline earnings increased by 126% to R466 million in 2005, compared to R206 million in 2004. The benefits of the multiple management actions underway are increasingly reflected in the financial results. The past three years have seen the businesses adapting to a stronger Rand. The Group’s operating profit in 2005 increased to R730 million (2004: R358 million).
Progress report on earnings enhancing actions 2004
18 February 2005
A distinguishing feature of the Group is the existence of substantial opportunities to proactively increase earnings performance from its current base. Consequently, the focus on unlocking and accelerating earnings growth from the existing platform is common to all four of the Group’s operating companies, regardless of the direction in which external factors move.
Tongaat-Hulett building earnings momentum
18 February 2005
“The past year was focused on actions to grow earnings. Tongaat-Hulett is rapidly adjusting to the stronger currency and is building earnings momentum,” said Peter Staude, Chief Executive of Tongaat-Hulett.
Management’s profit improvement actions across the Group, which have started taking effect, largely offset the effects of factors such as the strengthening Rand, high priced maize and the small sugar crops harvested in 2003 and 2004. In 2004, the Group’s total operating profit improved to
R364 million from R80 million in 2003. The mix of businesses in the Group was again a strength in 2004.
Substantial earnings recovery
20 January 2005
Tongaat-Hulett published an announcement today on SENS indicating that headline earnings for the year ended 31 December 2004 were expected to be between R205 million and R218 million, a substantial recovery from the loss of R93 million in 2003.
“The multiple management actions being taken throughout the Group to unlock substantial future earnings growth are beginning to take effect. These actions are countering the negative effect of the strengthening currency and the small sugar crops harvested in 2003 and 2004,” commented Peter Staude, Chief Executive of Tongaat-Hulett.
2005 Interim Results : Building Earnings Momentum – Creating Value
8 January 2005
Peter Staude, Chief Executive of Tongaat-Hulett said, "We have strengthened and invested in our operating companies, all of which have unique competitive positions that cannot easily be replicated. The platform that has been established with these businesses ideally positions the Group to deliver substantial earnings growth. The benefits of the multiple actions both completed and underway across the Group will increasingly be reflected in future financial results. This, together with Tongaat-Hulett’s significant growth opportunities, sees us well positioned to deliver value for shareholders as the Group moves forward."
Hulett Aluminium successfully repels Alcoa’s allegation of dumping
5 November 2004
Hulett Aluminium announced today that after a year long investigation, the US International Trade Commission ruled that imports of series 6000 plate into the United States from South Africa did not materially injure the US industry. Hulett Aluminium welcomed the negative ITC ruling, confirming that all the evidence which had been submitted showed that Hulett 6000 series plate sales in the US market had not materially injured the domestic producers, mostly notably Alcoa, who filed the petition in October 2003.
Tongaat-Hulett helps aids orphans
4 November 2004
The Tongaat-Hulett Group has entered into a funding partnership with NOAH, an NGO that mobilises communities to nurture AIDS orphans by helping them grow into emotionally and psychologically stable adults. The partnership involves the establishment of two multi-resource centres and sports facilities in KwaZulu-Natal.
Statement from Hulett Aluminium 5th October 2004
5 October 2004
Hulett Aluminium, the South African based producer of aluminium rolled products, announced today that the US Department of Commerce has issued a ruling in the antidumping investigation of Hulett’s series 6000 plate sales to the United States. This antidumping case was filed by Alcoa in October 2003, who alleged that Hulett was selling into the USA at prices which produced dumping margins exceeding 100%. The DOC’s findings come after more than nine months of investigation, and have concluded that a dumping margin of 3,5% existed.
South Africa makes an impact on cycling at the Athens 2004 Olympic Games
4 August 2004
While South Africa may not have any cyclists competing in Athens, there will be a very strong South African presence at the cycling events…
Hulett Aluminium, part of the Tongaat-Hulett Group, continues to compete with the best in the aluminium industry by being chosen to supply roofing material for one of the most high profile stadia for the 2004 Olympic Games.
Preliminary determination in alcoa’s antidumping petition
14 May 2004
Hulett Aluminium, the South African based producer of aluminium rolled products, announced today that the U.S. Department of Commerce (DOC) has issued its preliminary results in the antidumping investigation of Hulett’s series 6000 plate sales to the United States. The DOC’s findings reject Alcoa’s allegations that Hulett had been selling its series 6000 series aluminum plate into the United States at prices that produced dumping margins of over 100%. The DOC’s findings come after more than six months of investigating the antidumping allegation made by Alcoa, Inc. Peter Staude, Chairman of Hulett Aluminium, stated that he was pleased that the U.S. DOC had vindicated Hulett’s view that Alcoa’s allegations are without merit. He further stated that he was confident that the minor dumping margin of 4.33% (four point three three percent) preliminarily found by the DOC would not affect Hulett’s ability to continue to supply high quality plate to the U.S. market.
Tongaat-Hulett taking action to enhance earnings
28 February 2004
“The management actions taken throughout the Group to improve profitability have not yet fully impacted on Tongaat-Hulett’s results. All the operating companies have programmes in place, which span the next two years, to grow earnings through internal actions. Benefits will increase as the solid progress made in the first half of 2004 is combined with the additional actions being taken,” said Peter Staude, Chief Executive of Tongaat-Hulett. “The focus is on optimising how the businesses operate and how Group wide issues are dealt with. Moreland’s performance shows what can be achieved.”
Commentary on 2003 and actions being taken
20 February 2004
Tongaat-Hulett experienced a year dominated by a number of external developments that had a significant detrimental impact on the earnings performance of African Products, Tongaat-Hulett Sugar and Hulett Aluminium. This led to unsatisfactory results for the Group, notwithstanding considerable achievements in these operations and Moreland’s record-breaking year.
Tongaat-Hulett taking action
8 December 2003
Peter Staude, Chief Executive of Tongaat-Hulett said today that all its businesses are implementing actions to counter the negative impact of current conditions on the Group.
The sugar industry in South Africa is particularly facing one of its most extreme challenges in recent history brought about by a number of factors converging at the same time.
Hulett is not surprised at the preliminary determination by the United States International Trade Commission
2 December 2003
Hulett Aluminium, the South African based producer of aluminium rolled products, expressed its disappointment with the determination by the U.S. International Trade Commission to continue the antidumping investigation against its exports of series 6000 aluminium plate to the United States filed by Alcoa, Inc. Hulett believes that the case is without merit and continues to submit evidence in this regard.
Tongaat-Hulett takes action to counter effects of strenghthening rand
27 November 2003
Peter Staude, Chief Executive of Tongaat-Hulett said today that all the Group’s businesses have substantial future earnings improvement opportunities to be unlocked by management actions. The focus is on accelerating the execution of these actions to counter the effects of current conditions. These actions include volume growth initiatives, restructuring and cost reductions, rationalisation of facilities and optimisation of capacity utilisation.
Possible closure of Tongaat-Hulett Sugar’s Entumeni sugar mill
13 November 2003
The sugar industry in South Africa is facing its most extreme challenge in recent history brought about by a number of factors coming together at the same point in time, comments Tongaat-Hulett Group CEO Peter Staude. The most important of these factors being:
Hulett Aluminium questions background to Alcoa’s antidumping petition
17 October 2003
Hulett Aluminium, the South African based producer of aluminium rolled products, with a rolled products worldwide market share of less than 1,2%, questions the background to an antidumping petition filed against it in the United States by Alcoa, the world’s largest aluminium producer.
Tongaat-Hulett impacted by valuation items at half-year
15 July 2003
Tongaat-Hulett announced that the strengthening of the Rand and the reduction in commodity prices, especially maize, together with the consistent application of accounting statements AC133 and AC112 would lead to a substantial charge to the income statement for the period to 30 June 2003. This announcement is being made ahead of its release of half-year results as the impact of the valuation adjustments relating to the recognition and valuation of certain contracts and balance sheet items can now be determined.
Graph of comparative maize prices
15 July 2003
Graph of comparative maize prices
Tongaat-Hulett re-commissions a sugar mill in Mozambique
5 June 2003
Tongaat-Hulett will be holding a ceremony to mark the re-commissioning of its rehabilitated sugar mill at Xinavane in Mozambique on 6 June 2003.
The Xinavane Sugar Mill, jointly owned by Tongaat-Hulett Sugar (49%) and the Government of Mozambique (51%), is situated approximately 136km north-west of Maputo.
Announcement – Directors
26 May 2003
Two Executive Directors, Messrs DG Aitken and JB Magwaza, have reached retirement age after playing a leading role throughout Tongaat-Hulett for many years.
Mr JB Magwaza, who joined Tongaat-Hulett on 1 January 1975, will retire with effect from 31 July 2003. He will remain on the Tongaat-Hulett Board as a Non-Executive Director.
Annual general meeting trading update
11 April 2003
At the annual general meeting of the company held today the following statement was made:
"In recent years, the Group's investments in major manufacturing projects in Southern Africa have generated the planned growth in sales, boosted by exports, and while many new opportunities in marketing and sales have been created, the Group's results are now more sensitive to exchange rate fluctuations. The movement in the Rand is not helping us at the moment; it continued to strengthen in the first quarter of 2003 and in that period, the domestic maize price almost halved. The financial effects of the application of AC 133 on maize procurement contracts are currently being assessed. Furthermore, a lower sugar crop is expected this year following poor rainfall in the cane growing areas. Earnings for the first six months of 2003 are therefore likely to show a major reduction, with some improvement expected during the second half.
Tongaat-Hulett Group reports strong growth for financial year
19 February 2003
The Tongaat-Hulett Group reported strong growth in volumes, revenue and operating earnings for the year to 31 December 2002, assisted by the weak rand which prevailed generally throughout the year but which had strengthened significantly by year end.
Speaking from Amanzimyama, the Group's headquarters at Tongaat in KwaZulu-Natal, CEO Peter Staude said revenue from continuing operations rose by 22 percent to R6,1 billion and operating earnings were 24 percent higher at R738 million. The year-end valuation of underlying reserves of GBP 42 million pertaining to offshore cash resources resulted in an unrealised translation loss of R151 million, compared with a corresponding gain of R255 million last year. This has resulted in headline earnings per share declining by 36 percent. Excluding the translation adjustment, headline earnings per share increased by 30 percent to 523,4 cents.
Tongaat-Hulett Group unlocks value from investments
31 July 2002
The Group's three internationally competitive businesses - starch & glucose sugar, and aluminium - have produced good earnings growth in the six months to the end of June 2002.
"The Group is unlocking substantial value from its recent major investments in African Products and Hulett Aluminium with strong operating earnings growths from both these divisions," said Peter Staude, CEO of the Tongaat-Hulett Group.
Revenue from continuing operations rose 17 percent to R3 billion, and earnings were up 28 percent at R350 million after dividends from Triangle were received and net interest paid.
Tongaat-Hulett Group produces strong earnings growth
8 March 2002
Despite a slowing world economy and tough domestic trading conditions, the Tongaat-Hulett Group increased headline earnings by 20 percent from 498,0 cents to 598,4 cents per share.
Revenue from continuing operations rose 12 percent to R5,1 billion and operating earnings 14 percent to R584 million. Total net earnings for the year amounted to R609 million. The good results were boosted by exchange rate translation gains of R255 million.
Appointment of managing director of Hulett Aluminium (Pty) Limited
4 March 2002
The Boards of The Tongaat-Hulett Group Limited and Hulett Aluminium (Pty) Limited are pleased to announce that following the appointment of Mr Peter Staude as Chief Executive Officer of the Tongaat-Hulett Group Limited and as Chairman of Hulett Aluminium (Pty) Limited, Mr Alan Fourie has been appointed Managing Director of Hulett Aluminium (Pty) Limited with effect from 10 May 2002.
Tongaat-Hulett Group head office not affected
29 January 2002
The Tongaat-Hulett Group's head office was not affected by the fire, which broke out in the North Coast town of Tongaat on Monday.
Part of a small agricultural personnel office complex belonging to the Tongaat-Hulett Sugar Division at Klipfontein, near the Group head office Amanzimyama, was damaged.
Appointment of CEO of the Tongaat-Hulett Group Limited and retirement of Mr. CML Savage from executive duties
28 January 2002
The Board of The Tongaat-Hulett Group Limited is pleased to announce that Mr Peter H Staude, currently Managing Director of Hulett Aluminium (Pty) Limited, has been appointed Chief Executive Officer of The Tongaat-Hulett Group Limited with effect from 10 May 2002, the date of the forthcoming Annual General Meeting. He succeeds Mr Cedric ML Savage, who will be retiring from executive duties on the same date.
Strike at Hulett Aluminium not good for future investment
15 August 2001
Peter Staude, Managing Director of Hulett Aluminium says, "The longer term impact of what is happening at Hulett Aluminium could well be more serious than the short term consequences. Hulett Aluminium has made one of the few major investments in manufacturing in South Africa in recent times. The Company is actively involved in attracting local and foreign investment in downstream aluminium businesses, to be supplied from its R2.4 billion new facilities. A strike such as ours, which is not based on a rejection of the wage offer is not good news when one is busy encouraging future investment."
Peter Staude is a board member of the recently established Trade and Investment KwaZulu-Natal.
Tongaat-Hulett Group revenue rises on strong divisional export performance
1 August 2001
In line with expectations, the Tongaat-Hulett Group saw revenue from continuing operations driven by strong export performance rise by 20 percent to R2,6 billion and earnings rise 23 percent to R311 million, in the six months ended June 30, 2001.
The Group's three internationally competitive businesses - sugar, starch & glucose and aluminium- as well as its property division produced good results.
Tongaat-Hulett Group sells its textiles division
29 June 2001
As disclosed in the Executive Chairman's review in the annual report for the year ended 31 December 2000, the Tongaat-Hulett Group has been engaged in a process of disposing of its two remaining non-core businesses, namely Corobrik and Tongaat Textiles. The sale of Corobrik became unconditional at the end of May 2001.
Corobrik sens
5 June 2001
The Tongaat-Hulett Group Limited and the Scandinavian Building Systems Company are pleased to advise that all conditions precedent relating to the sale by the Tongaat-Hulett Group of its Building Materials Division to Scandinavian Building Systems were met and the sale was concluded on 30 May 2001.
The sale of textiles division
10 January 2001
The Tongaat-Hulett Group Limited is pleased to advise that all conditions precedent relating to the sale of its Textiles Division, David Whitehead & Sons (S.A.) (Pty) Limited, to a company represented by Stefano Magni have been fulfilled effective 30 September 2001.
