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A consortium consisting of a Zimbabwean businessman, a South African billionaire, and a Pakistani sugar producer has taken over Tongaat Hulett, Zimbabwe’s largest sugar producer. Tongaat Hulett faced financial difficulties and went into business rescue in October 2022 due to a fraud committed by its executives, resulting in debts of R12 billion.
Initially, Tongaat’s administrators had planned to <a href="https://www.pindula.co.zw/2023/07/22/tongaat-hulett-to-sell-zimbabwe-sugar-estates-to-kagera-sugar-in-tanzania/">sell the company to Kagera</a>, a Tanzania sugar producer. However, the deal fell through due to court challenges from other bidders and criticism from the Zimbabwe government, which desired control over the strategic asset, <a href="https://newzwire.live/sweet-victory-the-zimbabwean-businessman-sa-billionaire-and-pakistani-giant-who-now-own-the-countrys-biggest-sugar-estates/">newZWire</a> reported.
Last Thursday, Tongaat’s creditors voted in favour of a new buyer, the Vision Group consortium. The consortium will acquire 97.3% of the company by assuming approximately R8 billion of its debt.
<img alt="Rutenhuro Moyo Reemoggo Tongaat Hullet" class="wp-image-269861 aligncenter" decoding="async" height="248" loading="lazy" sizes="(max-width: 440px) 100vw, 440px" src="https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-300x169.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-300x169.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-1024x576.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-768x432.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-1536x864.jpg 1536w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo-1320x743.jpg 1320w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Rutenhuro-Moyo.jpg 1920w" width="440"/>
One member of the consortium is Rutenhuro Moyo, whose investment company Remoggo is involved in retail, agribusiness, logistics, and facilities management services across Zimbabwe and other African countries. Remoggo is Moyo’s investment company, registered in Mauritius. According to the Tongaat administrators, Remoggo is invested in “retail, agribusiness, logistics, and facilities management services in Zimbabwe and seven other African countries”. Moyo has been on the Hippo Valley board since 2020. He is also chairman of ZSE-listed company National Tyre Services and sits on the boards of FBC Holdings and OK Zimbabwe. He has had past roles at South Africa’s Shanduka Group, leading its interests in Coca-Cola SA and McDonalds SA. In December, it was reported that he had invested US$420,000 into Jamboo, a tech start-up planning to launch digital banking services to the African Diaspora.
Robert Gumede, a South African billionaire, is represented through his company Guma Agri, which is part of the Guma Group. Almoiz Industries, one of Pakistan’s prominent sugar producers, is also part of the consortium, alongside Terris AgriPro owned by businessman Amre Youness, who has previously represented mining interests in Zimbabwe.
Tongaat’s concerns in Zimbabwe include issues related to land tenure, competition from cheap imported sugar, and rising costs. The company briefed President Emmerson Mnangagwa on the transaction and highlighted challenges such as the negative impact of duty suspensions on local sugar sales and government interventions affecting the cost base and cash flow. In addition, the lack of signed 99-year leases for land tenure creates further uncertainty.
Hippo Valley, a subsidiary of Tongaat, sold a significant amount of sugar in Zimbabwe, accounting for nearly 53% of the country’s total sugar sales in the six months leading up to September.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwean Businessman Joins Consortium Taking Over Tongaat Hulett

Tongaat Hulett has announced new sugar prices which are effective from 15 June 2020.
Brown sugar’s recommended retail price will be as follows:
<blockquote>
<ul>
<li>1kg: $70/pack</li>
<li>2kg: 140.45</li>
<li>5kg: 351.12</li>
<li>10kg: 702.24</li>
</ul>
</blockquote>

Tongaat Hulett Sugar Prices Effective 15 June 2020

Tongaat Hulett has announced the appointment of a Finance Director and Company Secretary. Below is the statement which announced the appointments.
<blockquote>Mr Owen Hopelife Manasah has been appointed to the position of Finance Director and consequently to the Board of Directors for Hippo Valley Estates Limited, with eect from 1 May 2020. Owen has been acting as Finance Director since June 2019 during which time he demonstrated diligence and leadership capabilities.
He is a Chartered Accountant and a holder of a Master of Business Administration (MBA). He joined Hippo Valley Estates Ltd in October 2010 as Financial Planning Manager after leaving PricewaterhouseCoopers where he was an Audit Manager. In 2015 he was promoted to Financial Planning Executive.
He currently serves on the Boards of Zimbabwe Sugar Sales (Pvt) Ltd, Zimbabwe Sugar Association, Fuel Ethanol Company of Zimbabwe (Pvt) Ltd and a Trustee of the Lowveld Sugarcane Development Trust (LSDT) and Hippo Valley Pension Fund.
The Board welcomes Mr Manasah to his new role and looks forward to his valuable contribution to the Board.
Ms Tapiwa Florence Makoni has been appointed to the position of Company Secretary for Hippo Valley Estates Limited with eect from 1 May 2020 following the early retirement of the current incumbent who has agreed to a three months extension on contract to facilitate a smooth transition.
Tapiwa is a Chartered Accountant and she joined Tongaat Hulett Triangle Limited in December 2014 as Financial Planning Manager having served with Deloitte &amp; Touché where she was an Audit Manager. In 2016 she was promoted to Financial Planning Executive and Company Secretary.
She currently serves as Director on the Boards of Triangle Ltd, Zimbabwe Sugar Sales (Pvt) Ltd, Mutirikwi Sugar Company (Pvt) Ltd, Zimbabwe Sugar Association and is also a Trustee on the Boards of Lowveld Sugarcane Development Trust (LSDT) and Canelands Trust. With her considerable experience n the sugar industry, Tapiwa will serve as Group Company Secretary for all Tongaat Hulett operations in Zimbabwe.
The Board congratulates Tapiwa on her appointment.</blockquote>

FULL TEXT: Tongaat Hulett Appoints Finance Director And Company Secretary

Sugar producing company, Tongaat Hulett Zimbabwe, have said that they have the capacity to increase ethanol production from 40 million litres per annum to nearly 60 million litres. The company further said that it would need financial support in order to meet that goal.
This was revealed by Tongatt Hulett Zimbabwe Acting Managing Director, Mr Aiden Mhere, during his presentation to the Parliamentary Portfolio Committee on Energy and Power Development in Triangle. Mhere said:
<blockquote>Given our expansion projects that include the Kilimanjaro project that will see more than 3 000 hectares of virgin land turned into cane fields we are looking forward to increased production of sugarcane that also translates to increased production of ethanol from our molasses, however, for us to reach our target of 60 million litres there is need for capacitation in terms of increased funds.</blockquote>
The committee chairperson, Mr Joel Gabbuza said that supporting the company was essential given that the country is facing fuel challenges. Gabbuza said:
<blockquote>We are satisfied from what we have witnessed today at Triangle Ethanol Plant. Considering our blending ratio of unleaded petrol with ethanol, it is important that such companies just like the biggest ethanol producer, Greenfuel be supported.</blockquote>
More: <a href="http://www.zbc.co.zw/tongaat-hulett-seeks-govt-support/" rel="noopener noreferrer" target="_blank">ZBC News</a>

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