EOH, whose shares dipped below R10 for the first time in more than nine years on Wednesday, said investigations into its dealings with the state would be wrapped up by the end of May.
The group, which was worth R25.2bn in late 2016 after growing through a series of acquisitions, has been plagued by reputational concerns related to government contracts in recent years. This has reduced its market capitalisation to just R1.8bn. In January, Eskom dealt another blow to EOH’s share price when it said its former chief procurement officer had been “involved in acts of misconduct involving EOH”.
Its new CEO, Stephen van Coller, said in February he had hired law firm ENSafrica to review all the company’s large, historical licensing contracts with the state.