Tongaat has a new and large shareholder

Little-known Evanstan Investments has emerged as one of Tongaat Hulett's largest shareholders. 

Little-known Evanstan Investments has emerged as one of Tongaat Hulett’s largest shareholders after it bought 5.18 percent of the agri-processing company’s total issued shares, according to Business Day.

On March 6, Tongaat’s major shareholders were the Public Investment Corporation with a 13.69 percent stake, RMB IBD Leverage Finance and Depfin Investment, each with a 9.07 percent interest, and Investec with 4.18 percent, according to the media outlet. 

Evanstan is based in KwaZulu-Natal, South Africa. Its investment comes as the embattled sugar producer is taking steps to turn its fortunes around after financial irregularities resulted in inflated profits and assets. The company has been selling assets to reduce its debt, which stood at about R13 billion.

The company recently announced it would sell its starch business to Barloworld for R5.35 billion to reduce its debt. 

Tongaat is also selling assets in a bid to cut R8.1 billion in debt by March 2021.