Group Five shares plunge on $60m claim for Ghana power project

South African engineering company Group Five. [Photo: Courtesy]

JOHANNESBURG - Shares in South African engineering company Group Five plunged more than 40 percent on Thursday after a customer’s $60.5 million compensation claim relating to the unfinished Kpone power plant in Ghana.

Group Five, which began construction of the plant in 2015 but halted work last month after Cenpower Generation Company terminated the contract for the delay-plagued project, said the Ghanaian company was seeking to recover costs to complete the project as well as alleged losses and damages.