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