Group Five Collapse Signals South Africa Construction Demise
- Building company is fifth to enter business rescue since May
- South Africa’s local ability to build is being depleted
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South Africa’s construction industry is being demolished.
After 45 years of trading on Johannesburg’s stock exchange, Group Five Ltd.’s stock was suspended Tuesday after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year. From a peak market value of 8.2 billion rand ($575 million) in 2007, it was worth less than 100 million rand when the shares stopped trading.