Tongaat Hulett suspends trading on JSE

One of the country's biggest companies is off the Johannesburg Stock Exchange.

JOHANNESBURG - Sugar giant Tongaat Hulett has suspended trading on the JSE.

The company delayed the release of its financial results amid a review of its financial practices.

Tongaat Hulett warned last month that its financial results could take a R4.5-billion hit. 

In a statement, Tongaat Hulett said the JSE has granted this request and accordingly the listing of the company’s securities on the JSE has been suspended.

The listing of the securities on the London Stock Exchange, on which the Company has a secondary listing, has also been suspended.

"This decision has not been taken lightly," the statement read.

"Whilst the Board is conscious that some shareholders or potential investors would prefer to retain the ability to buy and sell shares, the Board believes that the temporary suspension is in the best interests of shareholders as a whole."

Source
eNCA