Construction firm Murray & Roberts is slapped with another multimillion-rand fine for involvement in collusive tendering in the buildup to the 2010 Fifa World Cup.
KwaDukuza Municipality and Group Five have reached a power deal that will see construction activities resume at Avon Peaking power plant outside Shakaskraal, in KwaZulu-Natal’s north coast.
More job losses in construction are likely, with executives in the sector predicting it will continue to suffer the effects of slow economic growth and falling commodity prices during the next financial year.
The group delivered a disappointing result in F2015 due to under-performance in the Engineering & Construction cluster.
Shares of Group Five plunge more than 14% on the JSE, as the construction company says annual profits will be sharply lower.
Competition Commission refers a case of 'collusive tendering' against Group Five to the Competition Tribunal and recommends a fine.
Work on the Dedisa peaking power plant at Coega ground is halted after angry workers downed tools claiming unfair labour practices from the main site contractor, Group Five.
Group Five says it expects fully diluted headline earnings per share for the six months ended December 2014 to fall by between 40% and 50% compared with the year-earlier period.
Major construction and engineering companies in SA bemoan the lack of significant public infrastructure spending, despite R4 trillion being earmarked for this over 15 years to drive basic service delivery.