South Africa's Group Five to Shed Assets Under Business Review

South African builder Group Five said on Friday it would dispose of some assets and delay its interim results after filing for bankruptcy protection last month. The group, one of the biggest names in South Africa’s construction industry, said the disposals would help it meet its debt obligations, cover working capital and cut its liabilities, Reuters reported. In a stock exchange statement, it said its business review had delayed the release of its interim results, which had been due at the end of March. “The business rescue practitioners believe that the disposals to be undertaken will be in the best interests of the company and shareholders as, if not completed, the company will be unable to meet its financial commitments,” the company said in the statement. Group Five, which employs over 8,000 people, said it will sell the assets to a number of “potential arm’s length purchasers”, excluding related parties as defined by the Johannesburg Stock Exchange. Read more