In the dynamic world of corporate strategy, major players like Tongaat Hulett, Mahube Infrastructure, British American Tobacco, Merafe Resources, and BHP are making headlines with significant deals and decisions. From rescue plans to private transitions and innovative growth strategies, sectors such as sugar, nicotine, chrome, and iron are undergoing transformative changes. 🍬 Sweet deal still alive– Vision Sugar and the IDC say they’restill committedto the adopted rescue plan for Tongaat Hulett and are working together to get it over the line.
🏦 Money talks… slowly– A key step is moving Tongaat’s rescue funding over to Vision. Those refinancing talks are taking longer than hoped, but there’s now a structured process to sort it out. 💸 Salaries still safe (for now)– December salaries, 13th cheques, grower payments and supplier/off-crop payments are all “on track”, while the business rescue grind continues into 2026.
⚡ Take the cash or stay in– New investor Sustent wants to buy up to 18.5 million Mahube shares at R5.50 each. Shareholders can choose to cash out (Exit) or keep some/all shares in a now unlisted Mahube. If you do nothing, you will be treated as choosing cash out.
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📉 From JSE orphan to private project– Mahube says its share trades tiny and illiquid, at about a 40% discount to its net asset value, so raising money on the JSE just hurts existing holders. The board reckons Mahube will be better off private, without listing costs dragging it down. 📜What’s next– The deal still needs a shareholder vote, plus regulatory and SARB approvals.
If all goes through and the scheme is implemented, Mahube will delist from the JSE, and Sustent becomes the anchor owner of a private infrastructure/renewables portfolio. 💼 Slow and steady profits– BAT says 2025 ison track: it now expects about 2% growth in sales and profit, with the US business doing especially well and its 2026 growth targets staying in place (just at the lower end of the range. 🚭 Nicotine tech is the main growth engine– Products like Velo pouches, Vuse vapes and glo heated sticks are growing faster than cigarettes, especially Velo Plus in the US, even though illegal vape products are still messing with the market.
💷 Cash back for shareholders– BAT is throwing off strong cash, cutting its debt, and plans a R29-billion share buy-back in 2026, on top of paying “progressive” dividends to investors. ⚡ Eskom–chrome truce talks– Glencore-Merafe and Eskom have signed an MoU to keep talking and try find a workable energy deal for ferrochrome by 28 February 2026, so the smelters maybe get a lifeline instead of a shutdown. 🕒 Retrenchment clock pushed out– Because of this, Merafe wants to extend the Section 189/189A consultation period to 28 February 2026, giving unions, government and the company more time to see if jobs and plants can be saved.
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