Phumelela Gaming and Leisure said on Friday that it urgently needs fresh capital after a
The company maintains that its relationship with the government is untenable, saying an introduction of an equity partner could help settle its relationship with various regulators, with the future of the horse racing industry up in the air. The company opted not to declare a final cash dividend as it seeks to hold cash, warning of further cost-cutting even after retrenching 15% of its workforce after it was battered by regulatory changes and depressed economic conditions in SA.
The group retrenched 415 people during the year, saying it has “no alternative but to take further decisive measures to cut costs”.
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