Group Five to hold EGM, shareholder seeks board shake up

South African construction company Group Five said on Friday it will hold an extraordinary general meeting (EGM) in July following pressure from its second largest shareholder Allan Gray, which wants to reconstitute the board. Allan Gray, which owns 12.04% of the company according to Reuters' data, notified Group Five in May of its request to call an EGM to reconstitute the board following a disagreement with it on the future direction of the company.