No sugarcoating it: consumers to pay nearly double as sugar prices soar

No sugarcoating it: consumers to pay nearly double as sugar prices soar 1

HARARE – Zimbabwe’s biggest sugar producer nearly doubled prices on Monday, deepening the pain for Zimbabweans who are contending with rising prices and stagnating salaries. Tongaat Hulett, which accounts for 80 percent of Zimbabwe’s total sugar production, announced new wholesale and retail prices for sugar in a public notice. The new recommended retail price for 2kg of white sugar is ZW$18.08, up from ZW$10.44 announced in June. Brown sugar in 2kg packaging is now ZW$17.22, up from ZW$9.98, the Johannesburg Stock Exchange-listed company announced. Tongaat also nearly doubled prices for…

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Tongaat defers financial results

Tongaat defers financial results 3

By Natasha Chamba Regional sugar producer, Tongaat Hulett (THL), has deferred publishing of its periodic financial results to October 2019 pending conclusion of its financial review and associated forensic investigation. Tongaat Hulett The Hippo Valley Estates Limited parent company has been conducting a strategic and financial review since February 2019. Last month THL announced that the process had revealed certain past practices that would result in the restatement of its audited consolidated financial statements for the year ended March 31, 2018. Related Articles “The board of THL concluded that reliance…

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Tongaat shares suspended to ‘protect investors’

Tongaat shares suspended to ‘protect investors’ 4

Hippo Valley and Triangle Estates’ JSE listed parent Tongaat Hulett has requested the suspension of its listing on the Johannesburg Stock Exchange amid an investigation. Tongaat Hulett According to a shareholder notice issued on Monday afternoon, the company’s listing on both the JSE and the London Stock Exchange has been suspended. This decision by the board comes following a delay in the publication of the company’s financial results. Shareholders were advised on May 31, 2019, that the financial results for March 31, 2018, cannot be relied upon and will be…

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Government issues license to buy ethanol from Triangle Ltd

Government issues license to buy ethanol from Triangle Ltd 5

By Gift Phiri Zimbabwe’s state oil company has issued a license to buy ethanol from the Zimbabwe unit of South African firm Tongaat Hulett to be blended with petrol, weeks after President Emmerson Mnangagwa called for higher use of the sugarcane by-product to help stem a worsening fuel crisis. Tongaat Hulett Zimbabwe Energy Regulatory Authority of Zimbabwe (Zera) has decreed that every litre of fuel sold must be mixed with a percentage of cleaner-burning ethanol, though only about 15 percent blending is done now. Presidential spokesman George Charamba confirmed to…

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Triangle for Confed Cup

Triangle for Confed Cup 6

By Nigel Matongorere Tongaat Hulett have confirmed that they will bankroll Triangle United’s African Confederation Cup campaign next year after the club won the Chibuku Super Cup on Saturday. Triangle players lift the Chibuku Super Cup trophy at Gibbo Stadium The Sugar Sugar Boys won their second major silverware in the top flight following a deserved 2-0 win over Harare City at Gibbo Stadium. In front of a packed home crowd, Triangle prevailed courtesy of second half goals from captain Ralph Kawondera and winger Phenias Bamusi to end City’s strangle…

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