Construction and engineering company Stefanutti Stocks on Friday advised that it had received R120-million as specific ring-fenced project funding through the first component of its funding plan.
Other projects are also being evaluated to potentially raise additional ring-fenced project funding as part of the funding plan, the remaining aspects of which were being pursued separately.
The company in May informed shareholders it was experiencing short-term liquidity pressures and was considering raising funding through a combination of ring-fenced project financing, a number of alternative funding solutions and, as a last resort, a fresh issue of shares.