Consolidated Infrastructure crashes 65% after business rescue news
Subsidiary Consolidated Power Projects has struggled with a lack of contracts, with Covid-19 dealing an additional blow
03 November 2020 - 11:29
Listed infrastructure company Consolidated Infrastructure Group (CIL) has put its largest subsidiary into business rescue, becoming the latest casualty of a construction sector beset by weak economic conditions and erratic government spending on infrastructure.
Poor managerial controls, a dearth of work from Eskom and the economic lockdown in response to the pandemic mean that Consolidated Power Projects (Conco) is in dire need of a financial restructure process...
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