Group Five begins process to dispose of assets to meet mounting liabilities

Ailing construction company Group Five said on Friday that it will be undertaking a series of disposals as part of business rescue proceedings as the company faces a long-standing cash flow crisis.

But the group said the details of which assets have been or will be disposed of will only be made public at the end of June. Formerly one of South Africa’s biggest construction groups, Group Five needs R3.6 billion to fund its working capital requirements this year. The company said it has been consulting with the JSE and has undertaken that it will provide shareholders with monthly updates on key disposals and other significant milestones in the business rescue proceedings.

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