BRPs expect Group Five asset sales to raise R1.2bn in proceeds

Business rescue practitioners (BRPs) for embattled construction company Group Five on Wednesday announced that further sales of non-utilised assets were effected in the last month, with total proceeds of R1.2-billion now realisable on a cumulative basis.

The company has previously said that numerous disposals are subject to final agreement or conditions precedent in order to be concluded and that, where applicable, proceeds received from assets subject to security agreement will, or have been, used to reduce the relevant secured debt.

The balance of unsecure proceeds are being applied to working capital requirements.

Earlier this month, Group Five reiterated that its BRPs plan to publish a business rescue plan by August 30. The BRPs on Wednesday said plans “remain on track” to reach this target.