ELB Engineering Services placed under Business Rescue
The results for the interim period ended 31 December 2019 were negatively impacted by the depressed trading environment across all markets in which ELB operates.ELB shareholders are advised that the business forecast for ELB Engineering Services (ELBES), a wholly-owned subsidiary of ELB, has not materialised. This has placed unsustainable cash funding requirements on the Group and a decision has therefore been made that the Group can no longer support ELBES. Accordingly, the ELBES board of directors has resolved to proceed with placing ELBES under business rescue in terms of the…
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