OWN CORRESPONDENT, Johannesburg | Monday 4.00pm.
THE Standard Bank said on Monday it has served papers on Infiniti Technologies to inform the company that it is seeking its liquidation.
Infiniti, a black empowerment information technology services firm, said last week that one of its units had been placed into provisional liquidation, a move which prompted its biggest lender Nedbank to freeze the company’s funding.
“This means that healthy companies and business units are being effectively closed down,” Infiniti said at the time.
Standard said in a brief statement that “an urgent application had been brought…for the liquidation of Infiniti Technologies.” It gave no further details.
Infiniti, whose shares were suspended on the JSE a week ago at the request of the company’s directors, has been labouring under a heavy debt burden from a series of acquisitions.
The company’s latest financial results show the group’s interest bearing debt grew to R37-million as at the end of February, from a cash balance of R16,3-million the year before.
Shares in Infiniti last traded at eight cents, against a year high of 197 cents.