Phumelela breached loan covenants as gambling rules dent profitability
14 July 2019 - 16:44
Shares of Phumelela Gaming & Leisure stumbled on Friday after the betting and racing group said it had breached loan covenants on R300m of debt amid uncertainty over new gambling laws that had already dented its profitability.
Phumelela’s share price, which touched a 12-month low of 460c, has lost more than 65% over the past year...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.