Group Five mulls interest in its assets
The construction firm’s board is considering expression of interest for unspecific assets in order to stay afloat
Group Five, once one of SA’s iconic construction groups, now faces the prospect of selling off better performing assets in order to stay afloat. The company said on Thursday it was considering offers for some of its assets, a move that could alleviate the loss-making company’s financial woes, especially following the latest setback with the Kpone power project in Ghana. News of the possible sale of some of the company’s assets saw its share price double to 48c in early trade on Thursday before it retreated to the opening price of 24c. Group Five said it received expressions of interest “from a number of parties for various parts of the group’s business”. It said its board was considering the overtures. Ron Klipin of Cratos Wealth on Thursday said the targeted parts of the company were likely to be Group Five’s European assets and businesses, which he said were making good money. He referred to the 2017 bid by real estate company Greenbay Properties — now known as Lighthouse Capital ...
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