December 09th 2020
S.Africa’s Tongaat sells starch business to Barloworld unit for $353 million.
South Africa’s Tongaat Hulett said on Wednesday it had sold its starch business to a subsidiary of Barloworld for 5.260 billion rand ($353 million) based on debt and working capital at the end of October.
Barloworld’s KLL Group unit had paid 4.986 billion rand to Tongaat on Oct. 31, as an estimate of the final purchase price based on the financial position of the starch business at the end of September.
($1 = 14.9219 rand)