Property development group Pinnacle Point Group (PNG)said on Wednesday that its directors have applied to the JSE for suspension of its securities with immediate effect following the notice of motion received by the company on Monday.

The group advised that provisional liquidation was granted on Tuesday, September 27.

"The company, certain creditors and shareholders are of the opinion that business rescue continues to be in the best interests of creditors and shareholders and will be considering a further application for business rescue.

"Shareholders will be kept appraised of developments in due course," it said in a statement.

Source: I-Net Bridge