Phumelela’s local loss almost doubles as business rescue looms
The group’s survival is in doubt as it battles regulatory changes and tough economic conditions
04 May 2020 - 08:10
UPDATED 04 May 2020 - 17:52
Horse-racing operator Phumelela Gaming & Leisure is on the brink of liquidation, warning staff on Monday that even if it gets new capital, any injection is likely to be part of a business rescue plan.
The country's largest horse-racing group is seeking to raise capital as it battles for survival in the wake of SA’s Covid-19 lockdown, which has added pressure to a local gaming industry already hit by regulatory changes and an economy that was in recession for the last six months of 2019. The share price of Phumelela, which has a market cap of R75m, has dropped about 59% since January. ..
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