Group Five’s share price doubled to 48c on Thursday morning from Wednesday’s closing price of 24c after it announced it had attracted interest from numerous suitors. “Shareholders are advised that Group Five has received expressions of interest from a number of parties for various parts of the group’s business,” Thursday morning’s statement said. On Wednesday, the construction group announced it had appointed Anthony Clacher as CFO, replacing Cristina Teixeira whose resignation was announced in its 2018 financial results released in October. The construction group described its new CFO as having “significant experience in restructurings, asset disposals and challenging business environments”. Group Five’s share price has plummeted from R14.25 in January to about 25c over the year as its losses from a disastrous contract to build a power station in Ghana mounted. The Kpone power station project in Ghana contributed the bulk of the group’s R1.3bn net loss for the year to end-June.

...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now