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Basil Read still in talks regarding energy division disposal

7th August 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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Discussions relating to the sale of noncore assets, including Basil Read Energy, are still ongoing, the JSE-listed construction company reiterated on Friday.

In June, the company said it had selected a preferred bidder from nonbinding indicative offers received in November.

“If [the deal is] successfully concluded, it may have a material effect on the price of the our securities,” it said in a statement.

Meanwhile, Basil Read had completed the orderly shutdown of wind energy construction company Basil Read Matomo. Key individuals were retained to provide ongoing support to completed projects.

Further, the disposal of LYT Architecture and its subsidiaries, which formed part of the engineering segment, was completed in February.

In December, the company reported that it was looking to sell assets valued at about R53-billion, with property, plant and equipment making up about R3.7-billion of the total, while R8-billion would be derived from intangible assets.

Almost R22-billion was written up to contract and trade debtors and cash and cash equivalents amounted to nearly R16-billion.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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