Tongaat shares plummet as funding plan could see new owner

21 November 2021 - 00:03 By THABISO MOCHIKO

Tongaat Hulett’s share price plummeted 30% this week after the company announced a rights issue that could lead to the Mauritius-based investment group Magister becoming the majority shareholder.

Magister agreed to underwrite half of the R4bn that the company is planning to raise to pay debt, a move described as a takeover rather than rescue plan. ..

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