Hippo Valley Estates appointments four directors to the board boosting its governance

ZIMBABWE – Hippo Valley Estates Limited, subsidiary of Tongaat Hulett has announced the appointment of four new directors to its board to boost its corporate governance following the firm’s financial scandal that led to several executives at both Hippo Valley and Tongaat Hulett resign. PwC’s audit on the company in November 2019 found that certain Tongaat senior executives overstated profits and certain assets by using “undesirable accounting practices.” The sugar firm has appointed John Gavin Hudson, the Chief Executive Officer of the parent company, to the board as part of…

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Tongaat Hullet subsidiary Hippo Valley seeks alternative funding for the US$40m sugar cane project

ZIMBABWE – Hippo Valley Estates Limited, subsidiary of Tongaat Hulett is considering alternative sources of funding for the US$40 million Kilimanjaro Sugar Cane Project, seeking to develop virgin land into sugar cane plantations at Triangle and Hippo Valley estates in Chiredzi. This is part of the firm’s drive to increase aggregate sugar output, while also empowering indigenous out-grower farmers who will be allocated plots on the nearly 3 300 hectares being developed, on a cost recovery basis. When completed, Project Kilimanjaro is expected to contribute significantly to the industry target…

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Tongaat Hulett reaffirms commitment to cane project in Zimbabwe

ZIMBABWE – Tongaat Hulett Zimbabwe (THZ) has re-affirmed its commitment to the $1 billion Kilimanjaro Sugar Cane Project in Chiredzi, with the firm and some local banks investing more than $320 million. Tongaat, together with local financial institutions CBZ, CABS, ZB Bank and FBC, are financing the project, which seeks to empower Zimbabweans as outgrower farmers and also ramp up aggregate sugar and ethanol output. This is also aimed to help grow the economy in line with President Mnangagwa’s vision to make Zimbabwe an upper middle income country by 2030.…

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Stock exchange suspends Tongaat Hullet’s Zimbabwe unit

ZIMBABWE – The Zimbabwe Stock Exchange (ZSE) has suspended Tongaat Hullet Zimbabwe’s subsidiary, Hippo Valley Estates Limited, from trading its shares on the local bourse. According to the stock exchange, the follows the sugar giant’s failure to release its full year financial results for the period ended March 31, 2019. Hippo Valley missed the June 30 deadline for the release of its full-year financials and also missed the extended deadline of July 31, which was related to accounting glitches at the South Africa based parent company. ZSE chief executive officer,…

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Zimbabwe sugar exports to grow by 21% on increased production

ZIMBABWE – Zimbabwe projects sugar exports in 2019 to increase by 21% to 145 000 tonnes up from 120 000 tonnes exported last year on the back of increased production and large carryover stocks. The 2017/18 exports were revised downwards to 120 000 tonnes based on the lower than expected sugar production and updated industry data, according to the Global Information Network Report produced by the United States Foreign Agriculture Service. The main export destinations for Zimbabwe’s sugar are the United States, European Union, Botswana, South Africa and Eastern Africa…

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Tongaat Hulett to invest US$300m in capacity expansion of Zimbabwe business

ZIMBABWE – South Africa based sugar producer, Tongaat Hulett, will be investing US$300 million in a project that seeks to expand its processing capacity in Zimbabwe. The US$300 million project will see the company increase its sugar production by 50 000 tonnes and lift its export earnings by US$18 million while creating 2 000 direct and indirect jobs within the next two years, reports the Herald. Under the project, Tongaat will invest in turning a total of 4 000 hectares of virgin land into cane fields – whose works commenced…

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