Suren Naidoo
1 minute read
3 Feb 2020
11:32 am

Tongaat Hulett share price plunges more than 60% after suspension lifted

Suren Naidoo

Shares traded for the first time since June last year when the group was hit by an accounting scandal.

Tongaat Hulett. Image: Supplied

Embattled sugar and property group Tongaat Hulett’s share price tanked more than 60% in the first hours of trade on Monday morning, following the lifting of its almost seven-month suspension of trade on the JSE.

The share price of the KZN-based group, which was rocked by an accounting scandal involving inflated profits last year, was trading at around R5 by 10am on Monday morning. This was around 62% down compared with the R13.21 that Tongaat Hulett’s share price closed at on June 10 2019, when the share last traded.

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In the little over five months of 2019 that Tongaat Hulett traded, its share price plunged around 75%, largely as a result of revelations around financial irregularities involving its previous executives.

ALSO READ: R13bn in debt, Tongaat Hulett wants R200m for its HQ

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