EMPOWERMENT
No offers yet for a deal, says Group Five
Seven JSE-listed construction groups will dispose of not less than a 40% interest in businesses or mentor up to three emerging construction firms
Group Five says it remains some way from concluding an empowerment deal in terms of a settlement agreement with the government to transform SA’s construction industry. Critical to this was whether any proposal could enhance shareholder value, including by possibly unbundling certain businesses, it said. It was receiving inquiries about possible equity-based transactions at group and subsidiary level. Seven JSE-listed construction and engineering groups will dispose of not less than a 40% economic interest in South African civil engineering and general building businesses or mentor up to three emerging construction companies. "These [inquiries] will be reviewed by the board, the mergers and acquisitions sub-committee and independent advisers, who will then determine the next steps based on the best interests of the company and shareholders," the group said on Monday. "Group Five is not in possession of a bona fide offer, of a binding or nonbinding nature, for any assets of the group....
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