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Eskom tender crushes company

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Headline,Kusile,Stefanutti Stocks

Stefanutti Stocks is in financial distress, which is partly to blame on an Eskom tender to work on the Kusile power plant.

The details of the ill-fated tender were contained in Stefanutti Stocks’ results for the year ending 29 February 2024.

The company highlighted that its financial difficulty in the past few years stemmed from a 2008 Eskom tender. However, there were consistent delays in completing the Kusile project due to site access and construction problems. Due to the delays, the company incurred significant prolongation costs and approached the DAB to assess Eskom’s claims.

It is under significant debt pressure, with its total liabilities exceeding its total assets for the first time in 2022, deeming the group technically insolvent.

 

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