The business rescue practitioners (BRPs) of embattled construction company Group Five on Monday announced the successful sale of the Group Five Projects business to the Teichmann Group.
The transaction includes various of Group Five’s African construction businesses, which are market leaders in the structural, mechanical, electrical, instrumentation and piping construction industries throughout Africa.
The transaction includes all assets, including the construction plant and equipment in these locations.
An existing construction project at a mine in Zambia will still be completed by Group Five, as will a project in South Africa.
“The new entity will be branded as T3 Projects. The team’s record in Africa has ensured the effective and efficient delivery of construction projects in the mining and industrial sectors across the continent, which will complement the Teichmann Group’s existing product offering,” Group Five said in a statement.
Group Five’s BRPs in May announced that they would start with a series of disposals to reduce financial liabilities as part of the company’s business rescue proceedings.
The group filed for business rescue in mid-March.