Tongaat Hulett will be removed from the Johannesburg Stock Exchange (JSE) on 3 November 2026, ending its 74-year listing, the JSE announced on 12 October. Trading in Tongaat shares has been suspended since 20 July 2022, and the company has been under voluntary business rescue since 27 October 2022.
The JSE said the decision to delist Tongaat was appropriate and in the public interest given the prolonged trading suspension and “the absence of any realistic prospect of restoring compliance.” Tongaat itself confirmed that neither its directors nor business rescue practitioners oppose the removal of its listing.
Tongaat’s collapse followed a PwC forensic investigation that uncovered manipulated financial records, including inflated profits and asset values dating back to 2019. This accounting scandal placed severe debt pressures on the company, leading to its voluntary business rescue filing in late 2022.
In a statement, the JSE said: “Having considered all relevant facts and circumstances … the JSE determined that it is appropriate and in the public interest for the issuer’s listing to be removed.” Tongaat later confirmed via Moneyweb that it would not challenge this decision and that the company’s shares will be terminated from the JSE on the set date.
Following delisting, Tongaat plans to continue restructuring as a private company. The delisting is part of a broader trend of weak listings on the JSE in 2026, with data cited by Daily Maverick and AmaranthCX showing 13 delistings and only two new listings so far this year. This points to 2026 being a challenging year for the JSE market.
Tongaat Hulett, once a significant player in South Africa’s agriculture sector, now joins a growing list of companies exiting the JSE amid financial distress and governance challenges. The company’s journey from long-standing listed entity to business rescue and delisting illustrates wider concerns about corporate governance and market confidence.
As of now, it remains unclear how Tongaat’s delisting will impact existing shareholders, including whether they will retain uncertificated shares or other rights post-delisting. Cape Flats News will monitor further announcements from Tongaat and the JSE as the November delisting date approaches.