Group Five Limited and its operating subsidiary Group Five Construction entered into business rescue in March 2019 following major financial losses.
Group Five's business rescue plan will be executed in two phases and potentially save 3 000 to 3 500 jobs - but a large number of retrenchments are still expected, say business rescue practitioners.
Group Five is preparing a sale of three of its biggest subsidiaries as the former South African construction giant strives to salvage what it can from bankruptcy proceedings
The engineering and construction group has entered a form of bankruptcy protection known as business rescue and had its stock suspended from trading on the JSE.
Diversified construction company Group Five has performed "materially below expectations" during the past financial year after significant losses on a major contract in Ghana.
Shareholders have reached a compromise on Group Five's new board, selected at an extraordinary general meeting.
Five nonexecutive directors resign amid proposals for a fresh start, as a battle brews over new board members.
Group Five expects to report a loss per share and headline loss per share of at least 170 cents per share for the six months to December 2016.
Group Five's share price has rallied over 7% after the construction firm said it expects fully diluted headline earnings per share to be up to 70% higher than before.
The majority of creditors of construction and engineering company Group Five, have voted in favour of the business rescue plan proposed by practitioners overseeing the process.
Group Five's external auditor PwC has resigned from the construction company, which is in business rescue.
Exxaro has said that the construction of a new small coal plant at its Grootegeluk mine in Limpopo would be delayed after it terminated its agreement with Group Five Projects, a subsidiary of Group Five Construction.
South Africa’s construction industry is being demolished, says Janice Kew.
Diversified construction company Group Five expects further retrenchments mainly within its Engineer, Construct and Procurement cluster, a spokesperson told Fin24.
Group Five’s new board, complete with a new chairperson, amended its expected headline earnings per share loss for the year ended 30 June 2017 from R5.90 to R8.70.
The PIC has raised its stake in Group Five amid a leadership tussle edging, closer to majority shareholder Allan Gray (25% stake).
Group Five has been notified by a shareholder that it seeks to call an extraordinary general meeting to reconstitute the board of directors.
The construction firm Group Five has reported a 64% rise in profits, helped by a strong showing at its toll roads business in Hungary and Poland.
Western CapeWork In China R20 000.00 - R45 000.00 Per Month
Cape TownTumaini ConsultingR460 000.00 - R600 000.00 Per Year
Western CapeTechnology Specific cc t/a MVCR10 450.00 Per Month
R 3 300 000
R 3 700 000
R 2 650 000
We subscribe to the Press Code.
You choose what you want
News24 on Android
Get the latest from News24 on your Android device.
Terms and Conditions
24.com Terms and Conditions - Updated April 2012
Creating your profile will enable you to submit photos and stories to get published on News24.
This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.