The Department of Trade, Industry and Competition (DTIC) said it is optimistic that Tongaat Hulett can be saved from liquidation.
The 134-year-old sugar producer is one of the largest in the country, with the capacity to mill two million metric tonnes of sugar and employing thousands of workers.
The company has faced severe financial challenges since the uncovering of an accounting scandal in 2018, which destroyed R12 billion in shareholder value.
Tongaat Hulett entered into voluntary business rescue in October 2022, with its business rescue practitioners eventually filing for the company’s liquidation earlier this year.
The liquidation of Tongaat Hulett would be a significant blow to the country’s already…