Faritec to secure capital facility

South African IT services and solutions group Faritec said on Monday that it is in the process of securing a R20-million loan from certain material shareholders of the company.

The facility is urgently required to fund working capital shortfalls and a further announcement detailing the terms of the facility will be published during the course of the week, the company said.

Shareholders were advised to exercise caution when dealing in the company’s securities until a further announcement is made.

At 9.20am on the JSE Faritec’s was trading at 8c per share, down 3c, or 27.27%, from Friday’s close.

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Faritec to secure capital facility