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CIG juggles debt to stay afloat

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The cash-strapped infrastructure group recently received a lifeline from Toronto-listed Fairfax, but continues to face debt problems

Listed infrastructure group Consolidated Infrastructure Group continues to struggle with a debt burden, despite reaching a number of agreements with Toronto Stock Exchange-listed Fairfax that led to a capital injection.

The company says it continues to face tough economic conditions, in which engineering, procurement and construction are under pressure, especially due to uncertainty about Eskom and spending by municipalities.The group — whose portfolio straddles power, building materials, oil and gas and rail — narrowed its loss to R1.34bn, from a restated R1.67bn previously. Group revenue was flat at about R3.17bn.

 

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