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One of SA’s iconic construction companies, Group Five, has filed for business rescue, becoming the latest contractor to stumble as the local construction industry chokes amid a lack of infrastructure spending and the poor execution of projects.
Group Five’s fall from grace has been spectacular.
Boosted by work ahead of the 2010 Fifa World Cup, the company’s market capitalisation peaked at R8.2bn in 2007. On Tuesday, this had shrank to R99.9m.
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In a move that one analyst said had not come as a surprise, the troubled construction group, which has also suspended its shares on the JSE, where it has been listed for 45 years, said it had appointed David Lake and Peter van den Steen of Metis Corporate Advisory as business rescue practitioners.
Business rescue proceedings are aimed at rehabilitating financially distressed companies.
Group Five’s misfor...
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