Durban — King Misuzulu has hailed efforts by the new Tongaat Hulett bosses to save jobs in the company.
On Friday the new bosses travelled to Ulundi to introduce themselves to the king and officially informed him that they were already in his kingdom to rescue the financially struggling company.
The king’s office said after the meeting that the new directors promised to save jobs by selling the company’s divisions and investments in southern African countries which included Mozambique, Zimbabwe and Botswana, to save jobs in the KwaZulu-Natal-based company.
The financially struggling company earlier this year announced it was looking for an equity partner. In July it announced Kagera Sugar Limited as its preferred strategic equity partners.
The king spokesperson, His Royal Highness Prince Africa Zulu of Onkweni Royal Palace, said the purpose of the meeting was to provide the king with an in depth briefing regarding corporate changes in the company’s operations.
Ït is expected that this transaction will provide the South African business with access to technical knowledge to improve and retain jobs in the province which will protect the livelihoods of several stakeholders across the value chain, including that of sugar cane growers.
The king commended this initiative and noted that it will make a significant contribution to the investment portfolio of the province,” the statement said.
The Tanzanian-based Kagera Sugar Limited is said to have bought a sizeable stake in the Tongaat Hulett Sugar.
The collapse of Tongaat Hulett Sugar which had filed for voluntary business rescue had drawn concerns from the Indian community in Tongaat who were mainly descendants of 1860 indentured labourers who came from India to work in the sugar cane plantations.
The company cited the pulling out of lenders for its financial woes. It was reported that as a result the company could not service its R1.5 billion debt. The imminent collapse was said to have put 23 000 jobs at risk.
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