South Africa's Tongaat Postpones Full-Year Results, Mulls Measures to Cut Debt

South Africa’s Tongaat Hulett, which has been battling to restore investors’ confidence after announcing in April it would have to restate prior financial reports, has postponed its results statement for the latest full year, it said on Monday, Reuters reported. Audited financial statements for the year to March 31 will not now be available by the previously anticipated date of Oct. 31, Tongaat said in a statement, adding that it will update shareholders on a new release date on Nov. 18. Chairman Louis Von Zeuner said that the process of identifying the restatements had been “thorough, with the right level of governance”. “We are cognisant of the need to provide stakeholders with reliable financial information,” he said. Read more