Overview
- The Johannesburg Stock Exchange decided on Monday to remove Tongaat Hulett’s listing, with the delisting effective 3 November 2026, after finding no realistic prospect of the company restoring listing compliance.
- Tongaat and the JSE have told shareholders they should not expect any payment from the delisting and that the company’s remaining shares will become unlisted certificated holdings managed by transfer agent Computershare.
- The company has been suspended from trading since July 2022 and in business rescue since October 2022, and creditors adopted a plan in January 2024 that shifted the rescue strategy to selling operating assets after shareholders rejected a debt-for-equity proposal in August 2024.
- The Industrial Development Corporation provided rescue funding and reached a binding deal with the Vision Group for Vision to acquire Tongaat’s South African operations and regional interests, a move presented as a way to protect roughly 250,000 jobs in the sugar value chain while prioritising creditor recoveries.
- Tongaat’s collapse traces back to earlier governance and accounting failures, including a 2019 PwC forensic probe that found manipulated financial records, and its delisting adds to concerns about falling new listings and market confidence on the JSE.