LONDON (Alliance News) - South African power plant developer and operator IPSA Group PLC and power producer Rurelec PLC both on Tuesday noted a major shareholder has been placed into administration.
IPSA and Rurelec said Sterling Trust Ltd has been placed into administration, without providing any further details.
Sterling Trust owns a 29.6% stake in IPSA and has a 54% stake in Rurelec.
Rurelec shares were down 56% on the news to 0.50 pence, the worst performer in the London market. IPSA shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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