|
|
Article: zambia : Embattled Sentula in bid to raise R500m in rights issue.
- Article from:
- TendersInfo
- Article date:
- August 14, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: sanjayV03
BELEAGUERED mining firm Sentula yesterday said it would raise R500m through a rights issue to pay crippling debts and provide much-needed working capital.
The group also yesterday disappointed shareholders with a trading update that showed earnings in the six months to September would plummet more than 80%, mainly due to reduced business volumes from the depressed mining sector.
Its grim trading update, through a stock exchange filing yesterday, hammered its shares, which slid in the morning and traded as much as 44c down, or 12%, at R3,25 the firm s biggest decline since March 5, according to Bloomberg calculations.
...