Harare – JSE listed agriculture and agri-processing Company, Tongaat which has controlling stake in Zim operations at Hippo and Triangle on Monday said it has appointed Rob David Aitken as the Chief Financial Officer and Executive Director of the Company with effect from 1 March 2019.

Aitken is an experienced senior Financial Executive within Tongaat Hulett and has been acting in the CFO role since August 2018. He is a qualified CA (SA) with 14 years’ experience, 9 of which have been in the sugar industry and within an organisation previously listed on the JSE.

“This appointment brings additional strength and experience to the executive team at a time when the company focusses on the strategic review and direction of the business,” said Tongaat in a statement.”

Tongaat Hulett’s sugar operations in Zimbabwe comprise the wholly owned Triangle Sugar operation and its 50,3 percent holding in Hippo Valley Estates.

The Triangle and Hippo Valley Estates sugar mills have a combined installed milling capacity to crush in excess of 4,8 million tons of cane annually and produce over 640 000 tons of sugar. Refining capacity is 140 000 tons per annum.

Founded in 1956, the company is located in Chiredzi in south-eastern Zimbabwe. The company started as a citrus estate, and canned Hippo Valley fruit was exported across southern Africa until the 1970s, when the citrus estate was replanted under sugarcane and a mill constructed. The sugar plantations cover 124 square kilometres, and the company employs around 8,000 people.

Part of the estate was listed for compulsory acquisition by the Government of Zimbabwe under its land reform programme.

Hippo Valley is listed on the Zimbabwean Stock Exchange (under the ticker HIPPO). Tongaat Hulett Limited is the largest shareholder via it's wholly-owned subsidiary Triangle Sugar Corporation Limited. Other shareholders include Tate & Lyle (10%). Tongaat Hulett is owned 38% by Anglo American Corporation South Africa (Pty) Ltd.

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