CONSTRUCTION INDUSTRY
Esor cites Basil Read letdown as share tumbles
Basil Read’s collapse was another R18m blow to fellow struggling construction group Esor and one of the reasons the company only released its financial statements on Friday, invoking censure from the JSE. CEO Wessel van Zyl, who is also acting as chief financial officer after Bruce Atkinson resigned in May, had flagged the market that its numbers would be delayed, but the JSE included Esor in a group of companies that had failed to submit their financials on time, including micro-finance outfit African Dawn, Placecol owner Imbalie Beauty, Chesanyama parent Gold Brands and recently listed energy-focused company Hulisani. While Gold Brands has now published its annual results, the other three companies may have their shares suspended should they not submit their results by July 31, the JSE said in a statement. Esor’s shares slumped 20% on the JSE on Monday on the back of its results, in which the company racked up a consolidated loss of almost R307m in the year ended February. Van Zyl...
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