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Group Five puts 3 units up for sale in business rescue plan - Report

Infra News - Published on Fri, 10 May 2019

Image Source: Moneyweb
Fin24 reported that Group Five is preparing a sale of three of its biggest subsidiaries as the former South African construction giant strives to salvage what it can from bankruptcy proceedings. Intertoll Europe, a highway and toll developer based in Budapest, is among the trio of assets Group Five has put on the market, Mr David Lake, one of the Johannesburg-based company’s business rescue practitioners, said in an interview. The other two are Everite, which does building and roofing work, and South African real-estate development firm G5 Properties.

Mr Lake, a former managing director of Rothschild & Co’s South African unit, said that “The group is looking to get fair value for all deals, including larger sales of subsidiaries. The three divisions are “generating a lot of interest,” declining to comment on asking prices.

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Posted By : Sanju Moirangthem on Fri, 10 May 2019
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