Tongaat Hulett to exit Johannesburg Stock Exchange

Tongaat Hulett will be delisted from the Johannesburg Stock Exchange (JSE) on 3 November, ending its 74-year tenure as a publicly traded company. The sugar producer has decided not to challenge the JSE’s decision to remove its shares.

The delisting follows years of financial distress, business rescue proceedings, and a long-term trading suspension. The company has been unable to publish audited financial statements since 2022, citing an ongoing restructuring plan aimed at disposing of its assets. Tongaat Hulett noted that publishing unaudited information could have misled the market, as its ability to continue as a going concern depends on the outcome of the rescue plan.

Once a major pillar of South Africa’s sugar industry, Tongaat Hulett operated as the country’s only white sugar refinery and held an estimated 30-35% of the national market. The company’s collapse and subsequent restructuring have significant regional implications, as it previously supported thousands of direct and indirect jobs across Southern Africa.