Shares in EOH Holdings on Tuesday sustained a strong rally that started on Friday after its CEO, Stephen Van Coller, convinced the market of its turnaround plans.
At one stage on Friday EOH shares were trading at R9 but by 4:25pm on Tuesday they were going for R19.50, the fastest rise in its share price ever.
Its share price was up 14% on Monday.
EOH reported a loss of R3.3 billion for the half-year to 31 January 2019.
The company hopes to raise R1 billion in the next three months to a year by selling non-core assets.
It wants the restructuring to boost earnings before interest, tax, depreciation and amortisation to R600-million (from R387 million) within a year-and-a-half.
Van Coller promised to fight corruption and weed out rogue employees after Microsoft cancelled contracts it had with EOH over alleged wrongdoing.
Listen to the interview in the audio below (and scroll down for quotes from it).
…We’re focussing on where we can make a large difference…— Stephen van Coller, CEO – EOH Holdings
We’ve got now a balance sheet fit for purpose and a strategy that the board approved…— Stephen van Coller, CEO – EOH Holdings
We should be done by the 31st of July…— Stephen van Coller, CEO – EOH Holdings
Separate the value pools out, show that to the market… give them a glimpse… if the share price goes up, at least the market likes the story…— Stephen van Coller, CEO – EOH Holdings
We’ll be publishing a report [on alleged corruption at EOH]…— Stephen van Coller, CEO – EOH Holdings
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