Stefanutti Stocks gets project funding amid liquidity issues
Construction company secures R120m in project financing
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...