Tongaat Hulett’s Zimbabwean units were in talks with the government in Harare about selling majority stakes to black investors, Wilson Gwatiringa, the head of Zimbabwe’s National Indigenisation and Empowerment Board, said yesterday.

“We are engaging them and discussions are ongoing and advancing well,” he said.

On October 28 Harare gave South Africa’s biggest sugar producer 14 days to sell a majority stake in its Hippo Valley Estates and Triangle businesses.

The Zimbabwean operations contributed 19 percent to Tongaat’s revenue and 32 percent to profit from operations in the six months to September. – Bloomberg