Phumelela to restructure balance sheet after ‘worst year’
The group’s SA business lost R332.4m in its year to end-July, with the company warning that losses in its horse racing business cannot be sustained
29 November 2019 - 08:15
Horse racing operator Phumelela Gaming and Leisure said on Friday that it urgently needs fresh capital after a year to end-July that was the worst in its history, with the company considering introducing black owners as a matter of urgency.
The company maintains that its relationship with the government is untenable, saying an introduction of an equity partner could help settle its relationship with various regulators, with the future of the horse racing industry up in the air...
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