After MKTV Ltd had gone through Section 311 settlement, it was decided, during a Board meeting held on 11 August 2003, to purchase a shelf company by the name of “Sapphire Wings Trading”.
This company obtained financing from the Land Bank to purchase MKTV Investment Holdings Ltd, as well as financing for working capital.
On 22 September 2003, MKTV sold all their shares to Sapphire Wings Trading and a new action was launched in the tobacco industry in South Africa to restructure the processing facilities aimed at lowering the unit costs of the tobacco processing process.
During a Board meeting, held on 28 October 2003, it was decided to change the name, “Sapphire Wings Trading”, to “LTP Holdings Ltd”, and to change “MKTV Tobacco Ltd’s” name to “Limpopo Tobacco Processors (Pty) Ltd”, with the abbreviated name being LTP (Pty) Ltd.
Early on during 2004, all the debtors were sold to MGK (Statusfin).
After numerous meetings held during 2004, it was decided that LTP (Pty) Ltd. would handle all the processing of flue cured tobacco produced in South Africa at the processing plant in Rustenburg, with intake depots in Nelspruit, Groblersdal, Vaalwater and Rustenburg.
On 21 July 2004, Mr AF van Heerden was appointed as CEO of LTP (Pty) Ltd.
As a result of a VAT claim constituting millions of rand, which originated from the MKTV Tobacco Ltd period, it was decided to contract producers within AFGRI Tobacco during 2006, with Mr C van Staden as Managing Director.
Mr BJ de Wet Venter was appointed as Chief Executive Officer of LTP (Pty) Ltd on 1 December 2005.
Since the 2011 season, all producers within LTP (Pty) Ltd were contracted again, and Mr C van Staden was allocated the position of Managing Director of LTP (Pty) Ltd.
From 17 December 2015 LTP was converted to a 51% black owned company. Tobacco Producer Development (Pty) Ltd will in future contract all FCV producers.