Tongaat Hulett is set to be delisted from the Johannesburg Stock Exchange (JSE) on 3 November 2026, ending the sugar producer’s 74-year history on the bourse.
The JSE announced the decision on Monday, 12 October, citing Tongaat’s inability to meet the obligations of a listed company and the fact that its shares have not traded on the exchange for four years.
Tongaat first listed in 1952 under the name J L Hulett & Sons. The company later became part of a major corporate battle in the 1960s when The Tongaat Sugar Company and its financial partners launched a hostile takeover.
Huletts Corporation and The Tongaat Group operated as connected businesses for two decades before merging in 1982, creating Tongaat Hulett.
The company’s fortunes changed dramatically in 2019 when an accounting scandal revealed widespread financial irregularities. Executives had overstated profits over several years, resulting in a R12-billion write-down in the company’s value.
Tongaat’s shares were suspended by the JSE in July 2022 after the company failed to publish its annual financial results for the year ended March 2022.
The company subsequently entered voluntary business rescue, with its business rescue plan adopted in 2024. Its shares have remained suspended ever since.
The JSE’s decision is based on several factors, including Tongaat’s failure to meet listing requirements, its lack of auditable financial statements and the fact that its shares have not traded for four years.
What The Delisting Means For Shareholders
Following the delisting, Tongaat shares will become unlisted certificated shares managed by transfer agent Computershare.
Shareholders will not receive a buyout or cash payment as part of the delisting.
Tongaat said this is because its remaining operating assets are being disposed of to meet its debt obligations. As a result, no value or future distributions are expected to accrue to shareholders.
The delisting will not bring the business rescue process to an end.
However, it marks the end of Tongaat Hulett’s long-standing presence on the JSE, which began more than seven decades ago.
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