Tanganda Tea Company is dumping non-core assets and locking down bridge financing to scrape together 7 million dollars for working capital after weather issues and commodity price drops tanked its tea, macadamia, and avocado operations. The firm expects to post a 4.2 million dollar loss for the year while ditching the Victoria Falls Stock Exchange listing plan it had been pushing earlier.
Management approved a 4.5 million dollar asset sale that should close within 30 days if shareholders sign off, and a 2.5 million dollar bridge loan is getting final review from lenders. The company already cut staff to save 1.8 million dollars annually and consolidated its cattle operations by moving livestock to two estates, which freed up 50 workers for core business duties.
Management approved a 4.5 million dollar asset sale that should close within 30 days if shareholders sign off, and a 2.5 million dollar bridge loan is getting final review from lenders. The company already cut staff to save 1.8 million dollars annually and consolidated its cattle operations by moving livestock to two estates, which freed up 50 workers for core business duties.
