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  • Finweek - English

    Simon’s stock tips

    Jan 10, 2020 5 minutes
    By Simon Brown

    TONGAAT HULETT

    A rather sticky mess

    In December Tongaat Hulett, the sugar and starch producer, finally released the forensic report into its prior years’ financial statements and the financial results for the year ending March 2019. It was a horror show. The initial company estimate of write-downs ranging between R3.5bn and R4.5bn ended up being R12bn. This includes R4bn on Zimbabwean land that was confiscated back in 2005, but never written off. Tongaat had to restate previous profits and equity after the massive write-downs and the company says it likely needs to do a R4bn rights issue. The stock remains suspended as its September 2019 half-year results are still outstanding. A trading update is expected in late January, followed by the company’s financial results and the lifting of the suspension of trading

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