August 2, 2019 / 11:43 AM / 2 months ago

South African sugar producer Tongaat to delist from LSE

FILE PHOTO: Sugar cane fields on a Tongaat Hulett farm in Shongweni, South Africa April 29, 2018. REUTERS/Rogan Ward

JOHANNESBURG (Reuters) - South African sugar producer Tongaat Hulett (TONJ.J) will delist its shares from the London Stock Exchange to cut costs and streamline its shareholding structure amid low trading volumes in the London-listed stock, the company said on Friday.

Tongaat, which said in April it would restate financial information after a formal review revealed certain accounting practices that needed to be re-examined, voluntarily suspended trading in its shares in Johannesburg and London in June.

“It has determined that the volume of trade over the past few years, together with the cost of maintaining the secondary listing, does not sufficiently warrant a presence on the LSE,” the company said in a statement.

Tongaat said it would maintain its primary listing on the Johannesburg Stock Exchange. Shareholders as of Sept. 4 on the UK share register, a fraction of the total, will be transferred onto the South African share register, it added.

Reporting by Tanisha Heiberg; Editing by David Holmes

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