Group Five forced to shift to new businesses to survive
CEO Themba Mosai says the group will now focus on specialist businesses
To survive, construction icon Group Five has had to shift its focus away from what has been its bread and butter for years, building roads and infrastructure, according to CEO Themba Mosai. The group will now instead focus on specialist businesses such as toll management and commercial property investment, Mosai said on the sidelines of the release of financial results for the year to June 2018. Group Five has been involved in the construction of many landmark structures including Cape Town’s Green Point Stadium, upgrading King Shaka International Airport, the Nelson Mandela Children’s Hospital and Durban International Convention Centre, Formed and listed 44 years ago from the amalgamation of five companies, Group Five collapsed after the 2010 Soccer World Cup. A lack of spending on large-scale infrastructure projects by state entities decimated its order book. Its share price, down nearly 90% over the past 12 months, continues to trade near levels last seen in 1993.