Group Five is still in trouble, but it will finish the Nelspruit High Court, a Stellenbosch University addition, and water projects for Pretoria and Durban anyway

Business Insider SA
Jan Mouton Learning Centre at Stellenbosch Univers
An artist impression of the planned Jan Mouton Learning Centre (Stellenbosch University)
  • Group Five's business rescuers say they have secured financing to finish some of the struggling company's ongoing projects.
  • That is good news for the residents of eThekwini, Tshwane, and Nelspruit, and students at the University of Stellenbosch.
  • These are the projects Group Five now intends to finish with project-specific funding, even as business rescue continues.
  • For more stories, go to the Business Insider South Africa homepage.

Troubled construction company Group Five intends to complete crucial infrastructure projects for the cities of Tshwane and eThekwini, despite being in business rescue.

It should also finish a major addition to the campus of the University of Stellenbosch, a new court building in Nelspruit, and a school in the Western Cape Winelands.

In an update to affected parties this week, the business rescuers now running Group Five Construction said they had secured post-commencement financing from Group Five's lenders for eight specific projects, two of them related to office parks.

See also: Once proud construction company Group 5 says a fire sale of its assets is now the only option

These projects are now due to continue under the banner of Group Five, unlike other ongoing construction projects that have either been halted entirely or handed over to joint-venture partners – with likely delays and other trouble for those waiting for their completion.

If all goes according to plan – though the full business-rescue plan is due only at the end of June – no such fate will befall these projects, due to affect communities around the country:

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