By Sabrina Jardim.
Sugar producer Tongaat Hulett has appointed Gavin Dalgleish CEO, with effect from June 1, to support the final phase of the company’s business rescue transition.
“This appointment marks a significant step in the final phase of implementing the approved business rescue plan (BRP) and sets the stage for a seamless transition of Tongaat’s business, assets and people to Vision, the consortium acquiring the group,” Tongaat says.
In accordance with Section 140 of the Companies Act 71, the company notes that Dalgleish has been appointed by the business rescue practitioners to the company’s management team – not as a director – to assist in executing the BRP.
The company says his leadership will be critical in facilitating the complex transaction and ensuring continuity and stability as the group moves into its next chapter.
Tongaat notes that Dalgleish brings deep sector experience and a proven leadership record in the sugar industry, with particular strengths in the stabilisation, turnaround and strategic diversification of sugar businesses.
He was appointed as group CE of the Vision Group in April and will resume that role once the asset transaction, which entails the sale of Tongaat’s business and assets as a going concern, in a consolidated group transaction, to Vision is concluded.
Tongaat says implementation of the BRP is progressing well, noting that Vision has now fully settled all outstanding obligations to the lender group as of May 9, and the finalisation of the asset transfer transaction is expected imminently.
This development underscores Tongaat Hulett’s progress toward financial and operational recovery under the Vision-led restructuring process, the company says.
“This leadership transition, together with the steady implementation of the BRP, reinforces the commitment to securing Tongaat’s long-term survival.
“The process is not only about restructuring a business, but also about preserving thousands of jobs, sustaining the livelihoods of farming communities, and protecting a company that remains a vital contributor to regional economies across Southern Africa, “Tongaat says.