Group Five, once a giant in the South African construction industry, plans to delist from the JSE after 46 years.

The company, which had been struggling over the past years due to South Africa’s weak economy and declining infrastructure investment in the country, went into business rescue proceedings last September.

The group, established as an amalgamation of five companies in 1974, says it no longer complies with some JSE listing requirements and is also unable to release its annual results .

Group Five will leave the JSE on June 15, ending a more than four-decade history as a publicly traded company.

Its business rescue practitioners, Peter van den Steen and Dave Lake, said on Monday that upon the implementation of the business rescue plans, they did not believe “that there is any realistic prospect of there being any residual value available for or attributable to shareholders and, consequently, the issued shares of the company have no value”.

Over the past three months some of the country’s other well-known companies, including Edcon and Comair, have also filed for business rescue.

This being due to a persistently weak economy and compounding effects of the government-imposed lockdown to curb the Covid-19 pandemic.