Dave Woollam: Tongaat has sold the crown jewels - because it just had to

Loading player...
Shareholder activist Dave Woollam has been keeping us updated on the survival efforts of embattled Tongaat-Hullett, which last week sold its highly profitable Starch division for R5.35bn. Woollam agrees with new CEO Gavin Hudson that the price received was a good one - especially given the stress that everyone knows Tongaat is under. But he also explains that a business which delivered R300m a year to the group's cash flows will be sorely missed. But needs must right now as a group that was once the pride of KZN is forced into selling the crown jewels to keep its bankers from foreclosing. Little wonder that Tongaat's market value is just R400m - one twentieth of the debt that remains after the latest asset sale. - Alec Hogg Learn more about your ad choices. Visit megaphone.fm/adchoices
2 Mar 2020 10AM English South Africa Investing · Business News

Other recent episodes

BN Daybreak: Apple earnings; Amazon AWS; RMB housing; Anglo’s SA exit; Tesla China sale

Today's BizNews Daybreak covers Apple's quarterly results, Rivian's SUV success, and Anthropic's AI breach, alongside a semiconductor rally driven by Microsoft and Oracle. Football federations oppose FIFA selling World Cup stakes, while Donald Trump claims a Gaza disarmament agreement. Meanwhile, Alec Hogg discusses Anglo American’s South Africa exit, RMB launches…
30 Jul 11PM 14 min

Cityboy: How psychopaths win big in business, politics - but lose in life

A former top-ranked City of London stockbroker has written a manual for winning at business, politics and life. There's just one catch: to follow it, you'd have to think like a psychopath. Geraint Anderson, the man behind the legendary "Cityboy" column, tells BizNews editor Alec Hogg why he built his…
30 Jul 9AM 32 min

R1-billion blended finance programme to transform real estate

In this interview with Chris Steyn, Alessandro Scalco of RMB Sustainable Finance shares the details of a R1 billion Blended Finance Programme to formalise and scale South Africa’s burgeoning affordable rental market. Rand Merchant Bank (RMB) has partnered with INDLU, a property financial technology company that empowers landowners to build,…
30 Jul 6AM 15 min

BN Daybreak: Ramaphosa interdict bid; Fed holds rates; Fauci's Fifth Amendment; Zambian kwacha

In today's episode, the Fed leaves interest rates unchanged amid a fractured vote and market sell-offs. Locally, four parties are challenging President Ramaphosa's impeachment interdict, while Treasury controversially releases funds to 69 failing municipalities. We also cover Dr. Fauci invoking the Fifth Amendment regarding the Covid-19 response, Zambia's kwacha surging…
29 Jul 11PM 16 min