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Ellies Holdings placed into business rescue

One of the JSE’s longest-surviving technology companies has been placed into voluntary business rescue.

Ellies Holdings has been given the green light to buy Bundu Power, a deal it said is critical to its turnaround plans.

Perennial underperformer Ellies has warned it will splash more red ink over its income statement.

Ellies Holdings has announced plans for a rights offer, seeking to raise R120-million from investors.

Ellies Holdings has agreed to buy 100% of Bundu Power, a company that specialises in alternative power solutions, for a maximum R202.6-million.