As disclosed in the Executive Chairman’s review in the annual report for the year ended 31 December 2000, the Tongaat-Hulett Group has been engaged in a process of disposing of its two remaining non-core businesses, namely Corobrik and Tongaat Textiles. The sale of Corobrik became unconditional at the end of May 2001.
An agreement has now been reached on the sale of the Group’s Textiles interests to Stefano Magni, Executive Chairman of Aranda Textile Mills (Pty) Limited. Aranda is a vertically integrated manufacturer of yarns, blankets and fabrics established since 1951.
The agreement is subject to the fulfilment of certain preconditions which include Competition Commission approval.