Vision Group secured competition approvals to acquire all Tongaat Hulett assets in Zimbabwe. The Competition and Tariff Commission of Zimbabwe approved Ball Foundry's purchase of Triangle Sugar Corporation, which holds Tongaat Hulett's Zimbabwe operations. Prosper Ziyadhuma from Zimbabwe CTC confirmed they provided an intended decision as indicated in the notice. Vision Group includes Mpumalanga businessman Robert Gumede and Zimbabwean executive Rutenhuro Moyo, who have beneficial ownership in Mauritius-incorporated Ball Foundry. The purchase will be settled through a set-off against lender group claims.
The Zimbabwe operations deal signed on December 21 needed several conditions met, including employment-related requirements. The commission provided approval subject to certain employment conditions that have been accepted. This marks the final competition approval needed across all jurisdictions for the alternative transaction. Tongaat Hulett and Business Rescue Practitioners continue working with Vision to complete the implementation. Their collaborative effort aims to revitalize Tongaat's operations for employees, cane growers, suppliers, and rural communities.
The transaction includes selling Tongaat Hulett's businesses and assets as a going concern. It covers South African assets, sugar operations, corporate head office, and shares in Zimbabwe, Mozambique, and Botswana businesses. The Durban High Court previously dismissed RGS Group Holdings' application to stop Vision Group from implementing the business rescue plan. Creditors voted for Vision's business rescue plan after an accounting scandal left Tongaat with R8.2 billion in debt.
The Zimbabwe operations deal signed on December 21 needed several conditions met, including employment-related requirements. The commission provided approval subject to certain employment conditions that have been accepted. This marks the final competition approval needed across all jurisdictions for the alternative transaction. Tongaat Hulett and Business Rescue Practitioners continue working with Vision to complete the implementation. Their collaborative effort aims to revitalize Tongaat's operations for employees, cane growers, suppliers, and rural communities.
The transaction includes selling Tongaat Hulett's businesses and assets as a going concern. It covers South African assets, sugar operations, corporate head office, and shares in Zimbabwe, Mozambique, and Botswana businesses. The Durban High Court previously dismissed RGS Group Holdings' application to stop Vision Group from implementing the business rescue plan. Creditors voted for Vision's business rescue plan after an accounting scandal left Tongaat with R8.2 billion in debt.
