Ascendis Health, whose debt problems have led to a 95% fall in its share price over the past two years, said on Wednesday that it is freezing staff levels and limiting travel as it battles a debt pile that is more than 20 times its market capitalisation.

Ascendis is seeking to save R55m to R125m over the next 12 months through stringent cost-control measures, and also intends to reduce marketing spending, and accelerate the sale of its assets.

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