COMPANIES: Tongaat to be delisted as 2026 becomes an annus horribilis for JSE
JSE delistings are not always a bad thing, as has been the case in the woeful saga of Tongaat, which once enjoyed blue-chip status. But it is a worrying trend overall.
Tongaat Hulett, a South African sugar producer, will cease to be a listed company on November 3, marking 2026 as a particularly poor year for the Johannesburg Stock Exchange (JSE). This delisting adds to a troubling trend of JSE delistings outpacing new listings, with 13 delistings and only two new listings expected in 2026. The JSE cited Tongaat's prolonged suspension, lack of compliance prospects, and the company's admission that no shareholder value is expected as reasons for the delisting.
Tongaat's departure follows a long and problematic history, including financial manipulation uncovered in 2019 by PwC and the company's suspension in July 2022. In its separate statement, Tongaat said that listing removal is appropriate and in the public interest. The decline in JSE-listed companies meeting stringent financial and reporting requirements is a worrying trend for South Africa's public equity markets.
Written by urgent.news from Daily Maverick's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
