CAPE TOWN – Tongaat Hulett, the sugar and property development group suspended from the JSE this year amid accounting irregularities, plans to establish a “transformative” sugar milling, refining and marketing business along the KwaZulu-Natal North Coast, chief executive Gavin Hudson said yesterday.
“The milling, refining and sugar marketing business will be implemented on a scale that has never been achieved in the sugar industry,” he said.
For years growers have been calling for equity participation in the milling and refining business, which would allow for their increased participation in the sugar industry value chain.
“The initiative is providing this opportunity, which is revolutionary for the industry,” Hudson said.
Shareholders would include all the current supply chain participants, including supplying sugar cane growers, and the shareholder mix would target black ownership of more than 50 percent.