Picture: 123RF/THAMKC
Picture: 123RF/THAMKC

Civil engineering and construction group Esor is set to delist from the JSE on June 22, joining peer Group Five in leaving the local bourse next month.

Subsidiary Esor Construction went into business rescue in August 2018 after suffering losses on a number of contracts. The group also cited a failure to get new contracts as state infrastructure spending slowed.

Esor said on Wednesday that it is no longer able to comply with JSE listing requirements, including being unable to release audited financial results.

The group’s business rescue practitioners informed stakeholders in a meeting in February that attempts to find an investor had been unsuccessful, and that “considering the current economic environment is not foreseen soon”, the statement read.

The group had appointed practitioners Hans Klopper and Dawie van der Merwe of BDO Business Restructuring.

Esor listed on the JSE in 2006, and transferred to its main board in 2009, according to information on its website.

gernetzkyk@businesslive.co.za