Liquidity crunch hits Stefanutti Stocks
Listed construction firm is mulling a rights issue as part of a funding plan to ease the problem
Listed construction company Stefanutti Stocks is in urgent need of funds as its liquidity problems threaten its financial survival.
The company’s liquidity is taking strain because of a lack of infrastructure spending in SA and slow payments by clients. As at February 28, the company’s current liabilities exceeded current assets by R301m. In the past financial year, the company reported a net loss of R111m.