Fresh setback to Tongaat, Vision debt-to-asset swap deal

SOUTH African agriculture and agri-processing firm, Tongaat Hulett Limited’s, debt-to-asset swap deal with the Vision Group has been challenged by a failed bidder over alleged irregularities, throwing into disarray the ZAR5,9 billion deal.

RGS Group Holdings Limited, a Mozambican conglomerate, filed an urgent application on November 6 in the High Court of South Africa, KwaZulu Natal Local Division, Durban, seeking an interdict to the debt-to-asset swap deal.

RGS had initially made an offer to rescue Tongaat in November 2023, together with Vision (a South African investment consortium), but pulled out in January as it felt the agriculture firm’s business rescue practitioners favoured the latter.

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