Gilbert Munetsi
Zim Now Writer
Gavin Dalgleish has been appointed as the new Group CEO of Tongaat Hulett Limited as the SA investment consortium, Vision Group, finalizes the acquisition of the agriculture and agri-processing firm.
Vision, established to acquire Tongaat’s assets and operations, is acquiring the company through a ZAR5.9 billion (US$320.48 million) debt-to-asset swap transaction. The deal includes Tongaat’s wholly owned Triangle Sugar operation and its 50.3% stake in Hippo Valley Estates Limited.
Dalgleish, formerly CEO of Illovo Sugar Africa, brings extensive industry experience to Vision Group. His mandate includes stabilizing and turning around Tongaat’s sugar operations while driving strategic diversification.
In a statement issued on Friday, Hippo Valley Estates Limited (HVEL) confirmed Dalgleish’s appointment, effective April 1, 2025—the anticipated closing date for the acquisition. He succeeds interim CEO Rob Aitken, who has led the company since March 2024.
Originally, Vision Group planned to acquire Tongaat through a debt-to-equity transaction, converting ZAR4.9 billion (US$266.16 million) of Tongaat’s ZAR8.5 billion (US$461.72 million) liabilities into a 97.3% equity stake. However, in August 2024, shareholders rejected this approach in favor of a debt-to-asset transaction.
“Under Gavin’s leadership, the company aims to establish itself as a proudly African business with a sustainable long-term vision,” HVEL stated. The company also expressed gratitude to Aitken for his leadership during Tongaat’s business rescue process, confirming that he will remain a key part of Vision Group’s leadership team.
Vision Group acknowledged the dedication of Tongaat’s leadership teams across various jurisdictions, as well as its 28,000 employees in South Africa, Mozambique, Zimbabwe, and Botswana, who remained committed through a challenging period. The group also extended its appreciation to the Industrial Development Corporation of South Africa (IDC), lender groups, and the business rescue practitioners for their support.
HVEL emphasized that the announced changes are at the group level and will not impact operations in Zimbabwe.
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