Photo by: Duane Daws
In an update to shareholders, financially distressed civil engineering group Protech Khuthele Holdings, this week, said it was still awaiting the appointment of a liquidator.
This followed after business rescue practitioner Gavin Gainsford, earlier this month, determined that there was “ no reasonable prospect of rescuing” Protech Khuthele Holdings and its Protech Khuthele and Protech Readymix subsidiaries.
He subsequently filed an application to have these entities liquidated.
Protech Khuthele Holdings had filed for the business rescue of seven of its subsidiaries – Protech Khuthele Properties, Impact Compaction, Protech Khuthele Property Investments, Protech Readymix, Pela Plant, South African Road Testing Services and Protech Khuthele – on June 3.
The group had experienced significant financial difficulties in the year ended February as a 33.33% joint venture project in the Democratic Republic of Congo weighed on its performance.
Protech Khuthele Holdings had incurred an after-tax loss of R111.2-million for the financial year.