Streaming issues? Report here
Abongile Nzelenzele 2019 1500 BW
Early Breakfast with Abongile Nzelenzele
04:00 - 06:00
volume_up
volume_mute

Up Next: Breakfast with Refilwe Moloto
See full line-up
Early Breakfast with Abongile Nzelenzele
04:00 - 06:00
Home
arrow_forward
Business

The sun is setting on South Africa's construction industry

12 March 2019 7:43 PM
Tags:
The Money Show
Bruce Whitfield
Group Five
Construction
bankruptcy
Basil Read
Frost & Sullivan
Craig Parker
Frost and Sullivan
South Africa’s construction industry is crumbling. Bruce Whitfield interviews Craig Parker, an economist at Frost and Sullivan.
Image: Pexels

It’s not just them [Group Five]… The entire sector has taken quite a knock… A lot of projects fell off the books… I suspect we might see one or two more casualties...

Craig Parker, Economist and Research Director - Frost and Sullivan

South Africa’s once-thriving construction industry is crumbling.

On Tuesday, Group Five – one of the largest builders in Africa - filed for bankruptcy protection after its creditors pulled funding.

Group Five was founded in 1974.

It employs 8000 people.

The JSE has suspended trading in Group Five shares.

They last traded at 89 cents, giving Group Five a market value of about R100 million.

Ten years ago it had a market cap of more than R5 billion.

Basil Read – another huge construction company – filed for business rescue in mid-2018.

The Money Show’s Bruce Whitfield interviewed Craig Parker, Economist and Research Director at Frost and Sullivan.

Listen to the interview in the audio below.

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : The sun is setting on South Africa's construction industry


12 March 2019 7:43 PM
Tags:
The Money Show
Bruce Whitfield
Group Five
Construction
bankruptcy
Basil Read
Frost & Sullivan
Craig Parker
Frost and Sullivan

More from Business

telephone call centre.jpg

Does the answer to SA's job crisis lie in the country's call centre industry?

21 October 2019 5:14 PM

Ian Ohlson says the call center industry in South Africa is flourishing and has become an engine for job growth and opportunity.

Share this:
Read More arrow_forward

radio-micjpg

Why more than 40 community radio stations in SA may get shut down

21 October 2019 4:39 PM

The forum for community radio stations in South Africa explains why 43 community radio stations across South Africa face closure.

Share this:
Read More arrow_forward

meetings-memejpeg

Meetings, meetings, meetings? When a meeting should really just be an email

21 October 2019 7:35 AM

Clinical psychologist and organisational development specialist, Lauren Davis explains what meetings should be used for.

Share this:
Read More arrow_forward

191018gwedegif

Analyst Chris Yelland gives Mantashe's energy plan a thumbs up

18 October 2019 4:54 PM

Government's new energy plan has been announced as the country deals with load shedding caused by Eskom's low generating capacity.

Share this:
Read More arrow_forward

160525HoutBayImizamoYethu.jpg

Meet Johnny Miller, the man using drone photography to change peoples' views

18 October 2019 2:46 PM

Photographer Johnny Miller discusses the impact of his moving work and how he captures his eye-opening images.

Share this:
Read More arrow_forward

171127natasha-mazzonejpg

'It turns out DA MP Natasha Mazzone was right about load shedding'

18 October 2019 1:34 PM

Last month, Eskom shut down claims by the Democratic Alliance that load shedding was on the cards.

Share this:
Read More arrow_forward

ea23d8d2-1283-4d6b-9bb6-dc96aad1f1cf.jpg

City says it will re-evaluate R100 lease fee once CT Stadium brings in money

18 October 2019 1:10 PM

Cape Town stadium will be leased to a municipal body that's subsidised by the city for R100 per annum.

Share this:
Read More arrow_forward

cemairjpg

Aviation body re-issues CemAir operating certificates

18 October 2019 11:30 AM

Sacca executive for corporate services Phindiwe Gwebu says the airline has given them an assurance that all issues are resolved.

Share this:
Read More arrow_forward

cards

Are 'tap and go' cards safe? Maybe, suggests this case involving Standard Bank

18 October 2019 10:23 AM

Handsfree pickpocketing is a myth, says consumer journalist Wendy Knowler. But risks remain, suggests a case she took on.

Share this:
Read More arrow_forward

Mara Group

Dubai-based Mara Group opens South Africa’s first smartphone factory

18 October 2019 9:18 AM

The Money Show’s Bruce Whitfield interviews Toby Shapshak (Publisher at Stuff magazine) about the R1.5 billion investment.

Share this:
Read More arrow_forward