Picture: for illustration purposes
The beleaguered sugar industry empire, Tongaat Hulett, has now come into the focus of a third prospective buyer. This potential purchaser hails from Mozambique, as a well-established entity known as the RGS Group. Take note, the RGS Group is no stranger to the sugar industry, further fueling interest as it impressively tables a R6bn bid, almost twice as much as the hitherto preferred bidder for the struggling business.
This formidable bid was presented to Tongaat's moneylenders and appointed business rescue practitioners (BRPs) in September. RGS Group's commitment towards turnaround strategies has been showcased by this substantial bid as they expressed confidence in rejuvenating the flailing conglomerate, a pivotal player in the livelihood of over 25,000 individuals.
Forging ahead, the limelight falls on Tongaat's preferred buyer, prior to the RGS Group's compelling intervention. The selection of this unidentified buyer had been entangled with controversy, consequentially transforming this deal into a three-horse race. With the addition of the RGS Group into the mix, the future of Tongaat Hulett now packs multi-dimensional dynamics that leave its fate decidedly unpredictable.