Sugar producer Tongaat Hulett has delayed the release of its annual financials by two weeks.
In a statement on Friday, Tongaat said it will publish its results by 13 July, instead of 30 June, as per JSE requirements.
The company’s announcement comes as it negotiates a debt restructure with its lenders, after it missed its R8.1 billion debt reduction target. In April, Tongaat said it paid R6.01 billion to its lenders by the end of March.
The sugar producer has been struggling to get back on its feet after it was rocked by an accounting scandal that led to findings that it inflated its financials by almost R12 billion. Fin24 has previously reported that in addition to debt reduction, Tongaat was focusing on governance as part of its restructuring process.
Its former CEO Peter Staude, as well as other former executives, were accused of playing a role in the company’s issues, according to a report by PwC.