Group Five hopes to get more than R700m from sale of assets
The troubled firm says it has entered into binding agreements for the sale of various assets
Struggling construction company Group Five has entered into binding agreements for the sale of some of its assets that will generate R709m. The agreements include the sale of a 40.1% interest in Intertoll Capital Partners. The company went into business rescue in March after it could not obtain additional funding from a consortium of lenders. “The business rescue proceedings are progressing under challenging conditions, but with greater stability after approximately eight weeks under administration,” the company said. Earlier in May, Group Five announced plans to sell some of its assets. On Wednesday, it said that in the disposal of assets, business rescue practitioners David Lake and Peter van den Steen of Metis Corporate Advisory had followed “a measured process that will achieve the optimal value for the group’s quality assets”. Group Five said that in addition to Intertoll, it had entered into binding agreements for the disposal of a 50% shareholding in Barnes Reinforcing In...
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