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Group Five asset sales expected to realise R1.2bn

9th August 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Further sales of Group Five nonutilised assets were effected last month, with proceeds of R1.2-billion now realisable on a cumulative basis.

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

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

In July, Group Five said that its business rescue practitioners planned to publish a business rescue plan by August 30.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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