BASIL READ HOLDINGS LIMITED
(Registration number 1984/007758/06)
Alpha code : BSR
ISIN number : ZAE000029781
("Basil Read")
ANNOUNCEMENT TO SHAREHOLDERS
Following a recent re-organisation within the Bouygues Construction group
("Bouygues"), Mr Michel Cote, chairman of Bouygues Travaux Public ("BY TP"),
and the newly appointed executive vice president of Bouygues Batiment
("BI"), announced, during a visit to Johannesburg, that Bouygues had decided
to demonstrate its confidence in and commitment to Basil Read and South
Africa by distributing a portion of the shares in Basil Read held by its
subsidiary company, BI, to two other companies within the Bouygues group.
BI will retain a third of the shares previously owned by it and a third will
be transferred to BY TP, and DTP Terrassement ("DTP"), respectively.
As a consequence, BI, BY TP and DTP will each hold, after the transfer is
accomplished, 23,546% of the shares in Basil Read. It is anticipated that
the transfer of the shares will be completed before the end of November
2001.
At the same time, and in line with the re-structured shareholding, three new
appointments to the Board of Basil Read were announced. The persons
appointed were Mr Alain Brunet, chairman of DTP and Mr Christian Gazaignes,
the deputy general manager of BY TP as non-executive directors. Mr Albert
Bernado, vice president for Africa of BY TP, was appointed an executive
director, based in Johannesburg.
The current chief executive officer of Basil Read, Mr Jean-Marie Paoli will
assume new duties in the Bouygues group in the near future and will be
handing over his duties and responsibilities to Mr Albert Bernardo.
By order of the board
HJ Power
Company secretary
Bedfordview
15 November 2001
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