Construction group Stefanutti Stocks said on Monday that the proposed penalty it had to pay the Competition Commission in this body’s nationwide investigation into collusion in the local construction industry, had been set at R323-million.
“However, with respect to this matter, the board is currently taking advice and is considering all its options,” it noted.
Stefanutti Stocks added that the settlement amount was being raised as a provision in the results for the financial year ended February 28, advising shareholders that the group’s earnings and headline earnings a share were expected to be between 150% to 170% lower than the earnings and headline earnings a share for the prior comparative period.