Construction company Stefanutti Stocks, which, like its peers, has been grappling with liquidity issues amid a dearth of infrastructure projects, says it has secured R120m in project financing as part of a broader fundraising effort.

The group, whose market value has dwindled to just R109m, said in May it might have to issue new shares after its cash balances decreased partly because of delayed payments from clients. Its cash balance fell to R881m at the end of February, from R916m a year earlier...

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 Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now