Consolidated Infrastructure Group puts largest subsidiary into business rescue

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

United States News News

Consolidated Power Projects has struggled with a lack of contracts, and becomes the latest JSE construction firm to pursue business rescue

Listed infrastructure company Consolidated Infrastructure Group has put its largest subsidiary into business rescue, becoming the latest casualty of a construction sector beset by weak economic conditions and erratic government spending on infrastructure.

CIG reported in 2019 that the subsidiary was facing costs related to overheads for projects that it failed to secure. The subsidiary had reported a loss of R878.8m to end-August 2019, more than 10 times CIG’s market capitalisation on Tuesday morning, which was R80m. standstill for two months, followed by a slow restart. The group has been seeking concessions from lenders for the subsidiary, but said on Tuesday that these have been unsuccessful.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Numsa legal threat could torpedo Comair business rescue planUnion’s lawyers demand airline operator issue new section 189 notice based on consultations To hell with these unions Again unions messing up everything. SA is not a colony anymore
Source: BDliveSA - 🏆 12. / 63 Read more »