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. http://www.engineeringnews.co.za/article/group-five-sells-african-construction-businesses-2019-10-21/rep_id:4136
