The Johannesburg Stock Exchange has announced the suspension of the listings of Infiniti Technologies, the technology holding company, with immediate effect. The suspension comes at the request of the company`s directors.
The news follows a cautionary announcement on Friday advising that an Infiniti financier had exercised his rights of a pledge and cession of the shares of Integral Support Services, an Infiniti subsidiary, in terms of an agreement regarding an overdue loan to this creditor.
According to the cautionary, Infiniti directors were in the process of negotiating the rescheduling of the terms of payment of the loan.
The business has long been suffering from a large debt burden and financial results in February showed liabilities of R56 million and interest-bearing debts of R37 million. The sale of Infiniti`s distribution division, FSA, for R30 million to Drive Control at the end of September would have done little to rectify the situation.
At the time of publication none of the Infiniti directors were available for comment.
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