FT Construction, a company within the recently liquidated First Tech group, along with liquidated First Tech subsidiary Cosira South Africa, would sell various assets, located at Cosira’s premises in Brakpan, as a single unit.

An invitation to buy the assets, which includes construction machinery such as a plasma cutter, a punch and crop machine, radial arm drills, a 4.5 t forklift and various cranes, has been issued, with the closing date for expressions of interest being September 30.

The decision and timeframes thereafter would depend on the nature and extent of the interest received in buying the assets, liquidators Westrust said.

Cosira was placed under provisional liquidation in July, one month after it had applied for business rescue.

First Tech, which bought Cosira in December last year, stated in a June 12 business rescue application that its newly acquired subsidiary was “financially distressed” and, owing to a depressed economic climate, it was not making the level of profits required to maintain the company’s high overhead structure.

The financial losses were further compounded by the slowdown in the construction industry, losses suffered owing to labour unrest and logistical and quality challenges at some of its key contracts.
According to First Tech’s website, the 20-year-old firm had 18 business units and more than 5 000 employees, excluding Cosira’s 2 000-strong workforce, at that time.

Further, First Strut, which has been trading as First Tech Group, had also applied for provisional liquidation of its subsidiaries in July after failing to secure further funding to pull the group through business rescue proceedings.

First Tech Group was unable to secure from its creditors the between R60-million and R80-million required to fund the business rescue and stabilise the financially distressed firm.

First Tech’s subsidiaries included Energotec; Energotec Engineering Services; Typro; Flint Construction; FT Construction; Gazelle Engineering; Gazelle Plastics; Hollyberry Props; Internatio; Noteworthy Trade; Ogatin; R&D Metal Works; FT Global Logistics; Rowan Tree; Serenade Trade and Invest; Speedroll Property Holdings; Thornbird Trade and Invest; Top Form; Wire Systems Technology; and Flexicon Piping Specialists.