Group Five to delist after 46 years on the JSE

accreditation

One-time construction giant, Group Five, plans to delist from the JSE after 46 years after the company went into business rescue in September last year.

The company, established as an amalgamation of five companies in 1974 and listed on the local bourse, has been struggling over the past five years due to SA's weak economy, which hasn’t breached the 2% growth mark since 2013. Big infrastructure projects have dried up over that time as government reined in its spending

The group's business rescue practitioners "…do not believe that there is any realistic prospect of there being any residual value available for or attributable to the company’s shareholders," it said in a stock exchange statement on Monday.

Group Five added that it no longer complies with some JSE listing requirements, and is also unable to release its annual results. The construction company's shares will be removed from the bourse on June 15.

Over the past three months some of the country’s best known firms, including Edcon and Comair, have filed for business rescue on the back of a persistently weak economy, a situation that has been further complicated by the economic shock of the Covid-19 pandemic.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
15.10
+0.9%
Rand - Pound
20.46
+0.1%
Rand - Euro
17.13
+0.0%
Rand - Aus dollar
10.85
-0.1%
Rand - Yen
0.13
+0.1%
Gold
1,834.71
0.0%
Silver
24.29
0.0%
Palladium
2,111.50
0.0%
Platinum
1,034.00
0.0%
Brent Crude
87.89
-0.6%
Top 40
68,186
-2.1%
All Share
74,835
-1.9%
Resource 10
74,924
-3.0%
Industrial 25
94,147
-1.8%
Financial 15
15,076
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot