Tongaat Hullet Business Rescue Process

5 January 2024 

The Public Investment Corporation (PIC) has noted recent media reports that the business rescue practitioners of Tongaat Hullet set the date of 10 January 2024 for creditors to vote on its revised business rescue plans. The PIC wants to reiterate that any interpretation of the PIC’s position, as a shareholder of Tongaat Hullet, outside of the business rescue process, would purely be speculative. The PIC has adopted a neutral stance in relation to the business rescue process and will endeavour to work with whichever party is selected from the business rescue process to salvage Tongaat Hullet in the best interest of the South African economy and to minimize job losses.

Issued by PIC Corporate Affairs, 5 January 2024