Johannesburg - Shares of Sea Kay Holdings
[JSE:SKY] surged more than 67% after the homebuilder said on Thursday it had received disputed payments from the Gauteng department of local government for housing developments.
Sea Kay was 67% higher to 25 cents in morning trade.
“They have been funding a large portion of their projects and payments under the dispute; they got hit with cash problems,” said Keith McLachlan, a small cap analyst at Standard Bank, adding there is less concern now about the company's cash flow.