JSE-listed sugar manufacturer Tongaat Hulett has announced that all conditions precedent related to the sale of its entire sugar packaging and distribution business in Namibia have been fulfilled.
The company sold these assets, effective July 1, to breakfast cereal company Bokomo Namibia for R220-million.
The last outstanding suspensive conditions to the proposed transaction had been the approval of the Namibian Competition Commission.
Tongaat has been disposing of various businesses and assets in an effort to reduce its debt by R8.1-billion by March 2021, including an agribusiness in eSwatini for R375-million and its Starch business for R5.3-billion, the sale of which is pending a contractual investigation with the potential buyer – Barloworld.