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Afarak places South African operations into business rescue process

The company cited the global economic slow-down resulting from the coronavirus crisis as the cause

Afarak Group PLC -

Afarak Group PLC (LON:AFRK) has placed its South African subsidiaries Afarak South Africa and Afarak Mogale into voluntary business rescue, following financial distress caused by coronavirus-related lock-downs.

In a statement, Afarak’s board of directors said there is a reasonable prospect of rescuing both.

They said Afarak Mogale Ltd and Afarak South Africa Ltd being placed into business rescue does not and will not affect the remaining mining assets and businesses held by the Afarak Group.

It is envisaged that Afarak Mogale Ltd and Afarak South Africa Ltd will continue operating during the business rescue and furnace P1 is expected to be back in production as of mid-May 2020.

Quick facts: Afarak Group PLC

Price: 20 GBX

LSE:AFRK
Market: LSE
Market Cap: £47.7 m
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