Investing NewsNewsSouthern Africa

South Africa’s Tongaat to sell eSwatini sugarcane farm for $21 million

Indebted South African sugar producer Tongaat Hulett said on Wednesday it would sell a sugarcane farm in eSwatini to the country’s public pension fund for 375 million rand ($21.83 million).

The move is part of an effort by Tongaat to cut its debt by 8.1 billion rand by selling assets, cutting costs and potentially even raising capital.