Ellies shares crash 60% after filing for business rescue
Troubled electronics firm fails to secure financing for purchase of Bundu Power in a bid to revive its fortunes
Electronics group Ellies lost almost two-thirds of its value on the JSE after announcing it had filed for business rescue in the wake of failed attempts to diversify into the lucrative renewable energy market.
The company has been under pressure since the downturn of its mainstay business, which was closely tied to the fortunes of DStv’s satellite service...
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