Group Five’s share rose nearly 200% on Johannesburg Stock Exchange following announcement of investors interested in its activities
Thursday, 13 December 2018 17:55
The share of Group Five, a South African company specialised in construction works, nearly doubled in value on the Johannesburg Stock Exchange on December 12, 2018.
Indeed, the managers of the company announced that some investors indicated their will to boost some of the group’s activities. This is good news for the shareholders of the group, which has been going from bad news to bad news since the end of 2017.
For its financial year which ended June 30, 2018, the group recorded a ZAR1.4 billion loss (ZAR 1,000=$70.7). This result was due to the poor performances of the group in Ghana. Even recently, some news from Ghana also decreased the value of the group’s share (98% loss) this year.
The identity of the potential investors has not yet been revealed but their strategy will be interesting to monitor because Group Five is going through tough times. Its turnover went from ZAR15.3 billion in 2014 to only ZAR7.5 billion at the end of the financial year which ended June 30, 2018.
Idriss Linge
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