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

By Suren Naidoo

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.

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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