Group Five shares plunge on further claim from Cenpower

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JSE-listed construction company Group Five's share price fell by nearly 68% on Thursday morning after it announced that it had been informed of a new claim of $60.5-million from client Cenpower, which late last month terminated its contract with Group Five for the construction of the Kpone gas and oil-fired combined cycle power plant project, in Ghana. The new claim represented the client’s evaluation of the costs to be incurred to complete the works on the contract, as well as amounts relating to the recoupment of estimated losses and damages the client believed it incurred as a result of delays on the project.

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