June 17, 2020 / 6:46 AM / 20 days ago

S.Africa's Tongaat to sell eSwatini sugarcane farm for $21 mln

JOHANNESBURG, June 17 (Reuters) - Indebted South African sugar producer Tongaat Hulett said on Wednesday it would sell a sugarcane farm in eSwatini to the country’s public pension fund for 375 million rand ($21.83 million).

The move is part of an effort by Tongaat to cut its debt by 8.1 billion rand by selling assets, cutting costs and potentially even raising capital.

$1 = 17.1760 rand Reporting by Emma Rumney; editing by Olivia Kumwenda-Mtambo

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