Board reassures investors about share

EQSTRA issued a business update earlier this week saying its board had taken cognisance of the plunge in Eqstra’s share price, but stressed it believed this “is not a true reflection of the group’s financial performance”. The board indicated that it was satisfied that the industrial equipment, fleet management and logistics divisions were performing as expected and that management had anticipated performance to be in line with the previous comparative period. “The contract mining and plant rental division is going through a process of rightsizing… The benefits of the cost-saving initiatives already implemented will benefit the division in the second half,” it said. Shares yesterday gained 3.85 percent to close at R2.70. – Roy Cokayne