RECONSTRUCTION PLAN
Group Five spikes as CEO revises strategy
The group reiterates its newly constituted board is committed to a critical evaluation of strategy
Group Five CEO Themba Mosai supported by his executive team had formulated a revised strategy and optimal structure for the group, which the board had approved in principle, the listed construction and engineering group said on Friday. The share shot up 14.5% to close at R9. The group reiterated that its newly constituted board had committed to a critical evaluation of strategy and the appropriateness of its clusters, businesses and asset base to ensure stakeholder value. "As far as I can ascertain the move [on the JSE] today may be mostly just market related rather than [based on] any material information made public by Group Five," Dexter Mahachi, an analyst at Momentum SP Reid Securities, said on Friday. "We are still waiting for the company to announce its new strategies to the market." Group Five said its board and management team were conscious of the "urgent need to address its underperforming operations in a rapidly changing and challenging market". It also needed to ensure ...
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