Although Ellies Holdings is facing liquidation, the group’s underlying businesses could yet be saved.
Browsing: Bundu Power
One of the JSE’s longest-surviving technology companies has been placed into voluntary business rescue.
Ellies Holdings has been given the green light to buy Bundu Power, a deal it said is critical to its turnaround plans.
Perennial underperformer Ellies has warned it will splash more red ink over its income statement.
Ellies Holdings has announced plans for a rights offer, seeking to raise R120-million from investors.
Ellies Holdings has agreed to buy 100% of Bundu Power, a company that specialises in alternative power solutions, for a maximum R202.6-million.