Tongaat-Hulett to split

Aluminium and sugar firm Tongaat-Hulett Group will split into two companies and list its aluminium business Hulamin on the JSE, the company said yesterday, sending its share price more than 5 percent higher.

Aluminium and sugar firm Tongaat-Hulett Group will split into two companies and list its aluminium business Hulamin on the JSE, the company said yesterday, sending its share price more than 5 percent higher.

The company said it would split into two listed entities, Hulamin and Tongaat- Hulett, and return R500million to Tongaat-Hulett shareholders through a share buyback.

The group would also sell a 25 percent stake in Tongaat-Hulett and 15 percent of Hulamin to black investors. - Reuters

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