Tanzanian billionaire Seif Ali Seif’s company, Kagera Sugar, will be acquiring the Tongaat Hullets sugar company.
In a statement on its website, Tongaat Hullet said Seif Ali Seif was the preferred bider selected.
The proposed transaction will comprise the acquisition of the complete sugar division of Tongaat Hulett in South Africa and the investments in Zimbabwe, Mozambique and Botswana.
Tongaat Hulett’s shares are currently suspended from trading on the JSE due to the company’s delayed publication of its financials.
Kagera Sugar is a subsidiary of Super Group, a large Tanzanian conglomerate controlled by Seif Ali Seif and his family.