Tongaat Hulett’s shareholders to lose investment as company delists from JSE
The company breached the JSE Listings Requirements in 2022.
Tongaat Hulett, South Africa’s historic sugar company, is set to be delisted from the Johannesburg Stock Exchange (JSE) on November 3, 2026. This decision will leave shareholders with no way to recover their investments, as the business has been unable to meet the JSE’s requirements since July 2022. The JSE suspended its listing on that date after Tongaat Hulett failed to publish its annual financial results, and the shares have not been traded on the exchange since.
The company's shares can no longer be bought or sold on the JSE once delisted, meaning shareholders will not be able to sell their investments on the market. No payments will be made to shareholders in connection with the delisting, as the company will not make any offer for their shares. Following the removal of listing, the shares will remain as unlisted certificated shares held by the company's Transfer Agent, Computershare.
Tongaat Hulett was placed on business rescue on October 27, 2022, and shareholders rejected a proposed rescue plan in August 2024. The company will now be sold to Vision consortium, which will convert its funding into shares in the business. This plan aims to protect the approximately 250,000 jobs linked to the sugar industry in South Africa.
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