Meet The Wealthy Zimbabwean Who Wants To Take Over The Biggest Company In South Africa

Hamish Rudland Biography

Biography & Net Worth Of Hamish Rudland, The Wealthy Zimbabwean Who Wants To Take Over Tongaat Hulett

A wealthy Zimbabwean is planning on taking over one of Southern Africa’s biggest sugar producers. Hamish Rudland won a shareholder vote that gave him control of Tongaat Hulett.

Through the entity Magister, Rudland got Tongaat shareholders’ approval to underwrite a R4 billion rights offer for the company.

At the eleventh hour, the Takeover Regulation Panel (TRP) denied Magister’s request for a relaxation of South Africa’s takeover rules. Rudland’s group indicated that they intend to challenge the decision by the TRP.

Background

Hamish Rudland was born in Zimbabwe. He has a brother named Simon Rudland with whom he started a number of businesses with. Simon is also a businessman in his own right. Their mother Adrienne owns a United Arab Emirates company called Braemar.

Education

Rudland was educated at Falcon College in Esigodini. He then attended Massey University in New Zealand between 1991 and 1994, reading for a Bachelor of Business Studies degree in Information Systems, Management and Tourism.

 

Hamish Rudland Biography
Hamish Rudland [Picture: Facebook via Hamish Rudland]

Companies

After graduating, Hamish yearned to return to Zimbabwe and he did so in October 1994. Being business-minded, Hamish teamed up with his brother Simon and formed Pioneer Transport in 1995.

Their business grew in leaps and bounds into Pioneer Corporation Africa through the acquisitions of other leading but struggling transport businesses, including Unifreight – owners of Swift transport – Bulwark, and Clan.

Being ones not to put their eggs in one basket, Hamish and Simon Rudland invested in the Zimbabwe Stock Exchange. Through their investment vehicle Day River Corporation, they acquired significant stakes in assets such as Zimre and in agriculture company CFI.

Tongaat Hulett Takeover

Hamish Rudland won a shareholder vote to underwrite and effectively take control of Tongaat Hulett. The Takeover Regulation Panel (TRP) had initially given the green light for the deal to proceed but reversed its decision.

Tongaat shareholders had approved the proposal by Magister, an entity led by Hamish Rudland, to underwrite a R4 billion rights offer for the company.

The TRP was belatedly informed that Hamish’s brother, Simon Rudland’s three daughters were all indirect shareholders in Magister via a trust. The TRP reversed their original position and denied Magister’s request for a relaxation of SA’s takeover rules.

Rudland indicated that he would be challenging the decision by the TRP.

Networth

In 2019, Hamish Rudland was reported to be worth around US$250 million.

 

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