Africa Cellular (AC) Towers, which was placed under provisional liquidation earlier this month, says joint liquidators have been appointed to oversee its winding up.
The Master of the South African High Court has appointed Dawie van der Merwe, of Independent Trustees, and YAB Ismail, of Cassim Incorporated.
AC Towers was established in 1999 and listed on the JSE's alternative exchange (AltX) in 2006. It was placed under provisional liquidation the day after its shares were suspended, because a major creditor applied for an urgent provisional liquidation order.
In November last year, the group said it was in strategic discussions regarding its “going concern prospects, as well as funding requirements”. In March, it issued another statement indicating it was still trying to secure funding.
Last month, AC Towers said it had reached an agreement for the restructuring of funding from the Industrial Development Corporation worth R99 million “subject to certain conditions”. However, the company also said a creditor had served a liquidation application against it and advised shareholders to continue exercising caution.
Its shares were suspended at 5c.
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