The JSE is suspending sugar mill giant Tongaat Hulett from trading on the local bourse from today for failing to publish its provisional results on time, reports BusinessLIVE.

The company said the decision is not because of its request for a voluntary temporary suspension as announced last week.

Rather, it is because the debt-laden sugar group failed to publish its provisional results on time as set out in the listing requirements and its integrated annual report by the due date of 30 July.

‘Tongaat Hulett continues to make every effort to finalise its restructuring plan, on which the publication of the provisional results and integrated annual report depend, as soon as possible,’ the company said.

‘Tongaat Hulett’s business operations will continue in the normal course notwithstanding the suspension of the listing of the company’s shares,’ it added.

The board of the sugar-mill giant, which has been criticised by shareholders for poor leadership and lack of transparency, requested the JSE to suspend its trading on the stock exchange.

Tongaat’s board, without a chair since Louis von Zeuner resigned abruptly in May, last week said the decision to ask the JSE for a temporary suspension 'was not taken lightly’.

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