Stefanutti Stocks secures additional short-term funding
Construction and engineering company Stefanutti Stocks has secured additional short-term funding of R227.5-million, the JSE-listed firm said on Thursday, noting that it remained in discussions with lenders to secure additional tranches of funding.
The latest funding from its primary banker and guarantee providers was the third tranche of funding secured since mid-year. In July, it received the first tranche of R120-million as specific ring-fenced project funding and in November secured R391-million in a second tranche.
The funds from the first and second tranches were used to meet short-term liquidity requirements.
Stefanutti said that it continued to explore and evaluate longer term, cost-effective funding solutions.
The company recently appointed a strategic restructuring team to develop and assist with the implementation of turnaround interventions for the company. The restructuring team would investigate funding options, assess the sale of noncore assets and capital structure analysis, as well as internal restructuring initiatives.
Stefanutti is operating a strained South African construction market, which is at a historic low, with a continued slowdown in construction activity and an aggressive contracting environment.
In November, the firm reported that its order book was at its lowest level since August 2016, at R12.8-billion, compared with the R14.3-billion order book reported in May. About 30% of Stefanutti rder book is outside South Africa’s borders.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
