Brilliant Mukaro
CHIREDZI-Sugar producing giant Tongaat Hullets which is seeking the opinion of its stakeholders over a Business Rescue Plan, has extended voting dates to September 30 from June 15.
In a letter dated June 13 signed by the chief executive officer, Aiden Mhere, the company is engaging with 8 strategic potential partners who are interested in the acquisition of the whole or part of the company’s sugar business.
“A notice was given on Friday June 9 to affected persons to advise that Business Rescue Practitioners are seeking to extend the voting on the Business Rescue Plans from the last stated date of 15 June to later than 30 September 2023” reads part of the letter.
According to the letter the Business Rescue Practitioners wanted to publish a rescue plan that contains details of the outcomes of the deal.
The company also wants to update the business rescue plan with additional details on strategic equity that would be in the best interests of creditors before they are requested to vote.
The business rescue plan however, does not affect the operational aspects of the company but there will be an operational and corporate restructuring which will commence after the plan is signed.
The letter also states that the plan will not affect the Zimbabwean owned operations of the Hippo Valley Estates Triangle Ltd but the operations of the Tongaat Hullets Ltd South Africa.
