Sugar producer Tongaat Hulett said on Tuesday the business rescue plan put forward by a Mozambican consortium has been withdrawn, meaning shareholders will only vote on Wednesday on whether to adopt a plan put forward by a consortium tied to IT mogul Robert Gumede.
RGS Group, owned by Mozambique’s wealthy Gulamo family, has withdrawn its plan in its totality, the business rescue practitioners (BRPs) of Tongaat said in a statement. RGS is one of the country’s largest conglomerates, with interests spanning sugar, consumer goods, logistics and mining. No reasons were given in the statement for the last-minute withdrawal.
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