Electronics group Ellies announced on Wednesday its business rescue practitioner John Evans had concluded there are no reasonable prospects of saving the business and will apply to the court for a liquidation order.
At the end of January, the more than four-decade-old electronics group said it intended to enter business rescue amid the collapse of a crucial acquisition. The company, founded in 1979, imports and distributes LED lighting, as well as electronic and solar solutions. It said its bankers had declined to fund the about R200 million acquisition of backup power specialist Bundu Power.Ellies, whose business included satellite and aerial equipment, accessories and hardware, had been under severe strain from pressure on consumers, as well as a falloff in DStv installations, in part prompted by the SABC broadcasting the FIFA World Cup in 2022.
The group last traded at 1c per share on the JSE, giving it a market capitalisation of only about R8 million. This is a far cry from its heyday, when it peaked at nearly R10 a share in 2013, and it had listed in 2007.Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Source: Tech Daily Report (techdailyreport.net)
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ITOnlineSA - 🏆 16. / 63 Read more »
Source: ITOnlineSA - 🏆 16. / 63 Read more »
Source: ITOnlineSA - 🏆 16. / 63 Read more »
Source: ITOnlineSA - 🏆 16. / 63 Read more »
Source: mybroadband - 🏆 11. / 67 Read more »