Photo by: Duane Daws
Construction company Basil Read on Friday said the discussions regarding the potential disposal of certain noncore assets, including Basil Read Energy and Basil Read Matomo, were still ongoing.
The company had chosen a preferred bidder to buy the energy unit, subject to regulatory approval.
In previous statements, the company had said it had received offers of between R70-million and R80-million for the unit.
Further, the orderly shutdown of Matomo, a division that set up processing plants for junior mining companies, had also now been completed. “Key individuals have been retained to provide ongoing support to completed projects,” it noted.
Matomo was previously part of Basil Read's engineering unit TWP Group, which it sold for $105-million in 2012 to pay debts and expand its core business.
Basil Read shares on the JSE rose by 2.44% on Friday afternoon.