Construction company Stefanutti Stocks, which, like its peers, has been grappling with liquidity issues amid a dearth of infrastructure projects, says it has secured R120m in project financing as part of a broader fundraising effort.
The company said on Friday it was responding to “short-term liquidity pressure” and the ring-fenced project funding was the first component of its wider plan. In March, industry stalwart Group Five filed for business rescue – a process aimed at rehabilitating financially distressed companies – after lenders decided against giving it more funding. Basil Read and Esor are also in business rescue.
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