Group Five is a giant construction and engineering firm based in South Africa.
The leading African construction, concessions and manufacturing group is headquartered at No. 9 Country Estate Drive, Waterfall Business Estate, Jukskei View, Johannesburg.
The construction group has been in the news for some couple of days following a crisis that rocked its board. So we deemed it fit to dig deeper to find out some lesser-known facts about the mega group and factors behind the fall out.
Five Fast Facts About Group Five
The leading mega African construction, concessions and manufacturing firm operates in seven targeted sectors
These sectors include, Mining, Industrial, Power, Oil and Gas, Water and Environment, Real Estate and Transport.
Mining: It service in mining covers multi-disciplinary mine plant and infrastructure construction, contract crushing and mining services and chain logistics supply.
Industrial: Group Five the sure firm to go for industrial services and the firm is of repute in these industrial areas: Multi-disciplinary industrial plant constructor, construction materials supply and design and building of factory layout.
Power: Construction of coal, hydro, liquid fuel, solar and wind power plants, construction of base load, independent power projects, co-generation and captive power plants, among others.
Oil: Materials and fabricated plant component supplier, Turnkey technology packages, multi-disciplinary plant and infrastructure constructor and services contractor.
Water: Design and manufacture of large bore spiral wound water pipes, multi-disciplinary constructor of coastal marine structures, bulk water transport, treatment and storage systems.
Real Estate: Public private partnerships (PPPs); developer, equity participant and turnkey design-and-build contractor in real estate developments and design-and-build contractor.
Group Five Operation is structured across three business clusters
- Investments and Concessions: This cluster is made up of infrastructure developments, G5 Properties and concession operations.
- Manufacturing: This cluster consists of a fibre cement and a steel business.
- Engineering and Construction: This cluster in the group and consists of building, housing, civil engineering, engineering projects, nuclear construction services and power. It is the largest in the group.
The construction company has its own in-house Skills Academy
Group Five’s in-house academy was established in 2006 in response to the challenges of a growing technical skill shortage in South Africa and the African continent at large. The in-house corporate university and technical center was established for the continuous development of employees including external future talent.
Group Five’s board is currently facing serious crisis
On Friday June 23, the management of the Group Five announced that five directors in the firm will resign next month, including chairwoman Philisiwe Mthethwa.The directors are Vincent Rague (63), Justin Chinyanta (57), Willem Louw (63), Kalaa Mpinga (56).
Philisiwe Mthethwa is the wife of Arts and Culture Minister Nathi Mthethwa and also the chief executive of the National Empowerment Fund (NEF). She is also the sister of Deputy Finance Minister Sfiso Buthelezi.
The mass exodus comes after fund manager Allan Gray, whose clients hold 25 percent of the construction company, said he has lost faith in Group Five’s board.
Group Five board now has only two surviving directors
The surviving directors are recently appointed CEO Themba Mosai and chief financial officer Cristina Teixeira. Fund manager Allan Gray is said to have called for an extraordinary general meeting to reconstitute the board, saying the company needs ‘a fresh start’.
The meeting will be held at Group Five’s offices in Johannesburg on July 24. However, chairwoman Mthethwa is rooting for all shareholders including minorities, to have their say in the selection of a new board.
Meanwhile, Allan Gray had named Reitumetse Huntley, Nazeem Martin, Nonyameko Mandindi, John Job and Upton as replacement to the five departing non executives.