One of South Africa’s biggest sugar producers and agricultural businesses, Tongaat Hulett, will be removed from the Johannesburg Stock Exchange on 3 November 2026.
The JSE announced its decision on Monday, citing that the sugar company struggled to meet several of its obligations as a listed company, and because the company’s shares did not traded on the JSE for four years.
Tongaat Hulett reportedly said it will not challenge the JSE’s decision to delist its shares.
A DOWNWARD SPIRAL COME TO AN END
In July 2022, trading in Tongaat Hulett’s shares were suspended after it did not publish its annual results, for the year through to March 2022.
In that same year, in October, the company was place into voluntary business rescue.
And the business rescue plan was adopted in 2024.
Then in 2019, cases of fraud were discovered. An investigation found that senior executives were systematically manipulating financial statements.
This slashed the company’s valuation by R12 billion.
After 74 years on the JSE, Tongaat Hulett will be removed at the beginning of next month.
