Robert Gumede's Vision Consortium Acquires Tongaat Hulett
- Robert Gumede's Vision Consortium moves to rescue financially troubled sugar group Tongaat Hulett
- This signifies the end of an extended and challenging business rescue process, as acknowledged by one of the BRP practitioners
- About 25,000 people, mainly in KwaZulu-Natal, rely on Tongaat for their livelihoods
Source: Getty Images
Businessman Robert Gumede's Vision Consortium's initiative to salvage the struggling sugar group, Tongaat Hulett. This marks the conclusion of a prolonged and challenging business rescue process, as noted by one of the BRP practitioners.
The Vision Consortium, featuring investors from Zimbabwe and Pakistan, is set to assume control of the business following the acquisition of Tongaat's R8 billion debt through a partial debt-for-equity swap arrangement.
According to TimesLIVE, Trevor Murgatroyd of Metis Strategic Advisors stated that it has been a challenging and arduous journey, as a business rescue practitioner.
Approximately 25,000 individuals depend on Tongaat for their livelihoods, primarily in KwaZulu-Natal. The company extends its operations into Botswana, Mozambique, and Zimbabwe.
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According to Vision's proposal, Tongaat will continue to be listed, presenting an opportunity for the creation of new jobs as the business expands under its leadership.
The approval of the Tongaat Hulett marks a significant milestone
According to Tongaat Hulett the business rescue practitioners (BRPs) declared that creditors have endorsed the business rescue plan proposed by the Vision Parties (Vision). Of the accepted creditor claims, 91.91% exercised their voting rights, with an overwhelming 98.51% in favour and only 1.49% against those present and voting.
Mzansi stands by Gumede's proposal
@floodssky posted:
"Finally, Robert makes us proud. A beacon of black business success, Congratulations."
@RNMathe noted:
"As always, Mr Gumede doing big deals."
@hlayi_b expressed:
"That’s great, we wish him well."
Get to know Matana Robert Junior Gumede, Son of Robert Gumede
In other news, Briefly News reported that Matana Robert Junior Gumede is a South African celebrity child famous as the son of Robert Gumede, a South African businessman and one of Africa's most accomplished business leaders and investors. He is the founder and executive chairman of the Guma Group, a diversified company in IT, telecommunications and hospitality.
Gumede's journey to success began when he entered the business world, and he eventually became a prominent entrepreneur in South Africa.
Source: Briefly News
