Phumelela files for business rescue

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South Africa News News

SA’s biggest horse-racing group has lost 77.09% of its value since January

Horse-racing operator Phumelela Gaming and Leisure has been placed in business rescue.

The board “is of the view that the best option to ensure the long-term survival of the company and the sport of horse-racing, is to implement a business rescue plan,” Phumelela said. Phumelela’s move follows the actions of other high-ranking companies such as Edcon and Comair, which recently announced their decisions to go in business rescue, a move that could result in thousands of job losses.

 

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