Group Five enters bankruptcy protection; listing suspended on JSE | Fin24
In partnership with
  • Electric Car Tax

    Electric vehicles in SA are being taxed like luxury cars, which has reduced their popularity.

  • New Premises

    KPMG says it's on a journey of renewal as it opens its new Cape Town office.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


Group Five enters bankruptcy protection; listing suspended on JSE

Mar 12 2019 11:06
Ana Monteiro and Renee Bonorchis, Bloomberg

Group Five [JSE:GRF] entered a form of bankruptcy protection known as business rescue and had its stock suspended from trading on the JSE as the construction company sees a “slim chance” for any value realisation for shareholders.

The company appointed David Lake and Peter van den Steen of Metis Corporate Advisory as business rescue practitioners for each of Group Five and G5 Construction, it said in a statement Tuesday.

The stock was suspended at 89 cents per share. G5 Construction is cutting jobs, but there will be a “significant” amount of severance pay due.

Other South African construction companies to have been forced into business rescue in the past year include Basil Read Holdings, a unit of Esor Ltd. and the Liviero Group. With the South African economy and state spending on infrastructure having slowed, construction firms are battling to fund long-term projects.

group five


Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Do you think government can solve the Eskom crisis?

Previous results · Suggest a vote