Tongaat Hulett's financial restructuring plan is due to be presented to the Board of Directors by September 30. In Mozambique, the group of investors operates sugar factories in Xinavane, Maputo province, and Mafambisse, in Sofala.

Although without giving any figures, the firm expects that the new financial structure will increase its liquidity levels and reduce debt to sustainable levels.

The country's largest sugar producer issued a note in which it explained that both management and auditors lack more certainty around debt refinancing and balance sheet restructuring.

This results in Tongaat being unable to disclose its results for the financial year that began on March 31 and ends on July 31 as required by the Johannesburg Stock Exchange (JSE).

"Thus, a long-term financial solution is required for Tongaat Hulett's audited annual results to be finalized, which is largely dependent on key elements of the restructuring plan," he notes.

The JSE dismissed a request by Tongaat to suspend the listing of its bonds about two weeks ago, according to "News".

Meanwhile, last week, the Johannesburg Stock Exchange notified Tongaat of its decision to suspend the listing of the securities on the basis that the deadlines, in terms of the stock exchange listing requirements, had not been met.

In the note to which "Notícias" had access, Tongaat assures that the suspension of trading of its securities on the stock exchange has no impact on the financial stability of the company and its relationship with customers remains the same.