SOUTH African investment consortium, Vision Group (Vision) has appointed of Gavin Dalgleish as its new Group chief executive officer (CEO) as it prepares to takeover agriculture and agri-processing firm, Tongaat Hulett Limited (Tongaat).
Vison, a group of companies created to acquire the assets and business of Tongaat, is acquiring the agricultural concern for ZAR5,9 billion (US$320,48 million) through a debt-to-asset swap transaction.
Locally, Tongaat operates through its wholly owned Triangle Sugar operation and a 50,3% shareholding in the agriculture and agro-processing firm, Hippo Valley Estates Limited (HVEL).
“We are pleased to advise that the new stakeholder for Tongaat Hulett, the Vision Group, this week announced the appointment of Gavin Dalgleish as Group chief executive officer (CEO) of Vision Group, the group of companies created to acquire the assets and business of Tongaat Hulett Limited (in Business Rescue) (“THL”) in accordance with the BR Plan,” HVEL said, in a statement on Friday.
“Gavin’s appointment by Vision Group is with effect from effective 1 April 2025, the date that is envisaged to be the closing date for the acquisition of the THL assets by the Vision Group. He takes over from Rob Aitken who has been the interim CEO, since March 2024.”
Originally, Vision was to buy Tongaat through a debt-to-equity deal where ZAR4,9 billion (US$266,16 million) from the latter’s claims and security held by its creditors valued at ZAR8,5 billion (US$461,72 million), would be converted to a 97,3% stake in the firm.
The remainder would be retained by Vision as debt Tongaat owed it.
However, Tongaat shareholders later rejected the debt-to-equity deal last August for the debt-to-asset one instead.
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“Gavin joins the Vision Group from his most recent role as CEO of Illovo Sugar Africa. He will lead the stabilisation and turnaround of the sugar business as well as its strategic downstream diversification through the next exciting chapter of businesses long history,” HVEL said.
“Under Gavin’s leadership, the company hopes to create a legacy of being a proudly African business. Vision expressed their gratitude to Rob Aitken for his contribution in leading Tongaat Hulett during his time as interim CEO and have acknowledged his extraordinary commitment to navigating the business through the business turnaround and out of business rescue soon.”
HVEL said Aitken would continue to be an integral part of the Vision Group leadership.
“The new Shareholder appreciated the Tongaat leadership teams across all jurisdictions who stepped up to support the process as well as the 28 000 Tongaat people in South Africa, Mozambique, Zimbabwe, and Botswana for their unwavering contributions during the difficult period of the past,” HVEL said.
“Vision also acknowledged the various stakeholders who have continued to support the business through this challenging period. Vision is grateful to the BRP team, the IDC (Industrial Development Corporation of South Africa) and all the Lender Groups for their efforts.”
HVEL said the announced changes were at group level and would not affect its Zimbabwean operations.
