{"id":52069,"date":"2025-04-16T16:23:12","date_gmt":"2025-04-16T16:23:12","guid":{"rendered":"https:\/\/www.premium-partners.net\/?p=52069"},"modified":"2025-04-17T05:09:45","modified_gmt":"2025-04-17T05:09:45","slug":"vision-group-secures-clearance-to-take-over-tongaat-huletts-operations-in-zimbabwe","status":"publish","type":"post","link":"https:\/\/www.premium-partners.net\/fr\/builder\/vision-group-secures-clearance-to-take-over-tongaat-huletts-operations-in-zimbabwe\/","title":{"rendered":"Vision Group secures clearance to take over Tongaat Hulett\u2019s operations in Zimbabwe"},"content":{"rendered":"

This post<\/a> was originally published on this site<\/a><\/p>

<\/p>\n

Tawanda Karombo<\/p>\n

The Vision Group announced on Wednesday that it has received competition approvals for acquisition of all Tongaat Hulett\u2019s assets in Zimbabwe.<\/span><\/p>\n

Under the transaction, Ball Foundry has been given the nod by the Competition and Tariff Commission of Zimbabwe to acquire Triangle Sugar Corporation, which holds Tongaat Hulett\u2019s operations in Zimbabwe.<\/span><\/p>\n

Prosper Ziyadhuma, an official with the Zimbabwe CTC, confirmed this to Business Report<\/em> on Wednesday.<\/span><\/p>\n

\u201c<\/span>We had given them an intended decision as indicated in the notice they provided,<\/span>\u201d Ziyadhuma said.<\/span><\/p>\n

Vision Group, whose principals include Mpumalanga businessman Robert Gumede and Zimbabwean business executive Rutenhuro Moyo, has beneficial ownership in Ball Foundry, which is incorporated in Mauritius.<\/span><\/p>\n

\u201c<\/span>The purchase consideration will be settled by way of a set<\/span>–<\/span>off against a portion of <\/span>the <\/span>l<\/span>ender <\/span>g<\/span>roup <\/span>c<\/span>laims<\/span>.<\/span> Triangle Sugar is the holding company of Tongaat Hulett’s <\/span>operations in Zimbabw<\/span>e,\u201d Tongaat Hulett, currently under business rescue, said in December.<\/span><\/p>\n

While the transaction for the disposal of Tongaat Hulett\u2019s operations in Zimbabwe was signed on December 21, the <\/span>agreement <\/span>had been <\/span>subject to the<\/span> fulfillment<\/span> of a number of suspensive conditions<\/span>, including employee related conditions.<\/span><\/p>\n

Tongaat Hulett also confirmed on Wednesday that \u201cthe Competition and Tariff Commission of Zimbabwe has <\/span>provided approval for the Alternative Transaction subject to certain employment-related\u201d <\/span>conditions.<\/span><\/p>\n

\u201cThese conditions have been duly accepted, rendering the approval effective. This <\/span>marks the final competition authority approval required across all applicable jurisdictions for <\/span>the implementation of the alternative transaction,\u201d said the company.<\/span><\/p>\n

\u201cTongaat Hulett and the Business Rescue Practitioners continue to work closely with Vision to finalise the implementation of the transaction. This collaborative effort underscores a shared commitment to revitalising Tongaat’s operations for the benefit of employees, cane growers, suppliers and rural communities.\u201d<\/span><\/p>\n

The a<\/span>lternative <\/span>t<\/span>ransaction<\/span> <\/span>forms the cornerstone of <\/span>the Tongaat Hulett a<\/span>dopted <\/span>b<\/span>usiness <\/span>r<\/span>escue <\/span>p<\/span>lan<\/span> and <\/span>entails the sale of <\/span>the troubled South African agro-processing and sugar manufacturer\u2019s <\/span>business and assets<\/span> – including those in Zimbabwe, Botswana and Mozambique among others – <\/span>as a going concern<\/span>. <\/span><\/p>\n

The sale will be finalised \u201c<\/span>in a consolidated group transaction<\/span>\u201d <\/span>to Vision.<\/span><\/p>\n

T<\/span>he transaction includes the sale of Tongaat Hulett’s South African assets, including its sugar operations and corporate head office, as well as the sale of its shares in<\/span> <\/span>and claims against<\/span> the <\/span>Zimbabwe, Mozambique, and Botswana<\/span> businesses<\/span>.<\/span><\/p>\n

Earlier this year, the <\/span>High Court in Durban dismissed RGS Group Holdings\u2019 application seeking to interdict Vision Group\u2019s implementation of Tongaat Hulett\u2019s business rescue plan related to the sale of the agro-processing entity\u2019s assets and businesses.<\/span><\/p>\n

Last year, creditors in Tongaat voted in favour of a business rescue plan put forward by Vision.<\/span><\/p>\n

This was after an accounting scandal rocked Tongaat Hulett, with the company tail-spinning into a debt of R8.2 billion and prompting shareholders to adopt an amended business rescue plan, which the company\u2019s business rescue practitioners now intend to implement.<\/span><\/p>\n

Tongaat Hulett <\/span>is envisioned to continue playing c<\/span>ritical role<\/span>s <\/span>in the economic fabric of Southern Africa.<\/span><\/p>\n

In South Africa, the business <\/span>\u201c<\/span>remains a cornerstone of the sugar industry, directly employing 2600 individuals, indirectly supporting 25 500 rural jobs and sourcing cane from 15 000 small-scale growers \u2013 thereby sustaining local farming communities, and underpinning numerous rural economies,<\/span>\u201d especially in the <\/span>KwaZulu-Natal<\/span> province.<\/span> <\/span><\/p>\n

In Zimbabwe, Tongaat Hulett owns two operating businesses, Triangle and separately listed Hippo Valley Estates. <\/span>Triangle said <\/span>recently <\/span>that it was facing operational challenges that had forced it to retrench employees after cost-cutting measures failed to yield a respite.<\/span><\/p>\n

It <\/span>said it had seen <\/span>profit margins decline significantly by 55%, with manpower costs <\/span>spiking<\/span> by 133% as a proportion of revenue and debt levels rose to unsustainable levels.<\/span><\/p>\n

BUSINESS REPORT<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

Tawanda KaromboThe Vision Group announced on Wednesday that it has received competition approvals for acquisition of all Tongaat Hulett\u2019s assets in Zimbabwe.Under the transaction, Ball Foundry has been given the nod by the Competition and Tariff Commission of Zimbabwe to acquire Triangle Sugar Corporation, which holds Tongaat Hulett\u2019s operations in Zimbabwe.Prosper Ziyadhuma, an official with the Zimbabwe CTC, confirmed this to Business Report on Wednesday.\u201cWe had given them an intended decision as indicated in the notice they provided,\u201d Ziyadhuma said.Vision Group, whose principals include Mpumalanga businessman Robert Gumede and Zimbabwean business executive Rutenhuro Moyo, has beneficial ownership in Ball Foundry, which is incorporated in Mauritius.\u201cThe purchase consideration will be settled by way of a set-off against a portion of the\u00a0lender\u00a0group\u00a0claims. Triangle Sugar is the holding company of Tongaat Hulett’s operations in Zimbabwe,\u201d Tongaat Hulett, currently under business rescue, said in December.While the transaction for the disposal of Tongaat Hulett\u2019s operations in Zimbabwe was signed on December 21, the\u00a0agreement\u00a0had been\u00a0subject to the\u00a0fulfillment\u00a0of a number of suspensive conditions, including employee related conditions.Tongaat Hulett also confirmed on Wednesday that \u201cthe Competition and Tariff Commission of Zimbabwe has provided approval for the Alternative Transaction subject to certain employment-related\u201d conditions.\u201cThese conditions have been duly accepted, rendering the approval effective. This marks the final competition authority approval required across all applicable jurisdictions for the implementation of the alternative transaction,\u201d said the company.\u201cTongaat Hulett and the Business Rescue Practitioners continue to work closely with\u00a0Vision\u00a0to finalise the implementation of the transaction. This collaborative effort underscores a shared commitment to revitalising Tongaat’s operations for the benefit of employees, cane growers, suppliers and rural communities.\u201dThe alternative\u00a0transaction\u00a0forms the cornerstone of\u00a0the Tongaat Hulett adopted\u00a0business\u00a0rescue\u00a0plan\u00a0and\u00a0entails the sale of\u00a0the troubled South African agro-processing and sugar manufacturer\u2019s\u00a0business and assets\u00a0– including those in Zimbabwe, Botswana and Mozambique among others –\u00a0as a going concern. The sale will be finalised \u201cin a consolidated group transaction\u201d\u00a0to Vision.The transaction includes the sale of Tongaat Hulett’s South African assets, including its sugar operations and corporate head office, as well as the sale of its shares in\u00a0and claims against\u00a0the\u00a0Zimbabwe, Mozambique, and Botswana\u00a0businesses.Earlier this year, the\u00a0High Court in Durban dismissed RGS Group Holdings\u2019 application seeking to interdict Vision Group\u2019s implementation of Tongaat Hulett\u2019s business rescue plan related to the sale of the agro-processing entity\u2019s assets and businesses.Last year, creditors in Tongaat voted in favour of a business rescue plan put forward by Vision.This was after an accounting scandal rocked Tongaat Hulett, with the company tail-spinning into a debt of R8.2 billion and prompting shareholders to adopt an amended business rescue plan, which the company\u2019s business rescue practitioners now intend to implement.Tongaat Hulett\u00a0is envisioned to continue playing critical roles\u00a0in the economic fabric of Southern Africa. In South Africa, the business\u00a0\u201cremains a cornerstone of the sugar industry, directly employing 2600 individuals, indirectly supporting 25 500 rural jobs and sourcing cane from 15 000 small-scale growers \u2013 thereby sustaining local farming communities, and underpinning numerous rural economies,\u201d especially in the\u00a0KwaZulu-Natal\u00a0province.\u00a0In Zimbabwe, Tongaat Hulett owns two operating businesses, Triangle and separately listed Hippo Valley Estates.\u00a0Triangle said\u00a0recently\u00a0that it was facing operational challenges that had forced it to retrench employees after cost-cutting measures failed to yield a respite.It\u00a0said it had seen\u00a0profit margins decline significantly by 55%, with manpower costs\u00a0spiking by 133% as a proportion of revenue and debt levels rose to unsustainable levels.BUSINESS REPORT<\/p>","protected":false},"author":1,"featured_media":12748,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-52069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-builder"],"_links":{"self":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/52069","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/comments?post=52069"}],"version-history":[{"count":1,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/52069\/revisions"}],"predecessor-version":[{"id":52070,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/posts\/52069\/revisions\/52070"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media\/12748"}],"wp:attachment":[{"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/media?parent=52069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/categories?post=52069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.premium-partners.net\/fr\/wp-json\/wp\/v2\/tags?post=52069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}