The shareholders of ELB Group, which was originally listed on the JSE as EL Bateman as long ago as 1930, have been advised that the business forecast for the company’s wholly owned ELB Engineering Services has not materialised, which has placed unsustainable cash funding requirements on the group. The decision, the company says, has thus been made that the group can no longer support ELB Engineering Services and, accordingly, the board of directors of the company has resolved to proceed with placing the engineering services company under business rescue, in terms of the Companies Act.
