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CHIREDZI – Tongaat Hulett Zimbabwe (THZ) Chief Executive Officer Aiden Mhere bade farewell to stakeholders on Friday as he goes into early retirement after serving the sugar producing giant for 25 years.
MASVINGO- Hippo Valley Estates and Triangle Operations Managing Director (MD)/Chief Executive Officer (CEO), Aiden Mhere is retiring on March 31, this year and will be replaced by Tendai Masawi.
Tongaat Hulett is set to sell its sugar estates in Zimbabwe to a Tanzanian company, Kagera Sugar, following years of mismanagement and financial misstatements worsened by a debt burden of R6.3-billion.
MASVINGO – Sugar producing giant Tongaat Hullet is looking at increasing its revenue from the current US$300 million to US$610 million by 2030, the company’s General Manager Infrastructure and Support Services, Ushe Chinhuru has said.
Zimbabwean demand for sugar has remained strong although local producers of the commodity, including units of Tongaat Hulett and native manufacturer Star Africa Corporation have been impacted by declining consumer disposable incomes, low yields from private cane suppliers and inflationary pressures.
The Reserve Bank of Zimbabwe has backtracked on its blanket directive to stop banks’ lending activities after Tongaat Hulett’s Zimbabwe units and other companies stopped credit sales and advances to suppliers.
Shareholders of embattled sugar producer Tongaat Hulett have given it the greenlight to access new credit lines, which will help keep the company afloat for now.
Sugar producer Tongaat Hulett said on Friday it was engaging with authorities and would be pursuing claims against 10 executives, after a PwC probe identified a number of undesirable accounting practices.
Chiredzi West legislator Farai Musikavanhu (Zanu PF) on Sunday vowed to deny MDC supporters food aid and government-sourced agricultural inputs, and put paid to long-standing allegations that the ruling party disenfranchises underprivileged members of society on political grounds.
Tongaat Hulett has gazetted recommended retail sugar prices for the commodity which is being overpriced.