JOHANNESBURG (Reuters) – Troubled South African construction firm Group Five has been placed in business rescue and had its shares suspended from the Johannesburg Stock Exchange, it said on Tuesday.

The company, which has been struggling for some time with cash flow problems and a $60 million compensation claim, said the board had taken the decision after a consortium of its lenders refused to provide additional funding.

Reporting by Emma Rumney; Editing Tiisetso Motsoeneng