South African century-old sugar company on the brink of liquidation, around 300,000 job positions may be affected.

According to South African media reports on the 20th, Tongaat Hulett, the local sugar industry giant founded in 1892, is facing a liquidation crisis, which could impact the country's sugar supply chain and affect about 300,000 jobs. It is reported that due to the failure to reach a restructuring financing plan, the commercial rescue plan for the company launched in 2022 has declared as failed. Currently, the relevant parties have applied to the court for provisional liquidation of the company. Previously, the company was exposed to financial fraud of about 3.5 billion Rand, leading to a market value evaporation of about 12 billion Rand and delisting from the Johannesburg Stock Exchange. As one of the important sugar companies in South Africa, Tongaat Hulett has multiple sugar factories in provinces such as KwaZulu-Natal and has maintained supply and sales relationships with a large number of sugarcane growers. The South African Sugarcane Growers' Association said that if the company is liquidated, it will cause serious economic impact on the region, directly endangering about 40,000 jobs and affecting approximately 250,000 jobs in related industries.