Tongaat Hulett produces around 43% of South Africa’s sugar.

The business rescue practitioners of distressed Tongaat Hulett on Thursday confirmed they have been notified formally about a proposed sale of the company’s debt to a consortium of bidding parties.

The transaction is expected to happen in the near-term, the group said, and would see a disposal of the claims of the secured-lending group to Terris Sugar, Guma, Remoggo and Almoiz, they said in a statement.

City Press had reported at the weekend that a deal was signed on Friday between the lenders and group of businessmen including mogul Robert Gumede of Guma, also naming Zimbabwean Rutenhuro Moyo of Remoggo, and Pakistani Nauman Khan of Almoiz.