Basil Read - Disposal of Basil Read Namibia
BASIL READ HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1984/007758/06)
(`Basil Read` or `the company`)
Share code: BSR ISIN: ZAE000029781
DISPOSAL OF BASIL READ NAMIBIA
In the announcement dated 29 September 2004 of Basil Read`s unaudited interim
results for the six months ended 30 June 2004, shareholders were advised of the
continuing problems being experienced in working on road contracts in Namibia,
which have resulted in delays in the operation and lack of revenue. In this
regard, shareholders were informed that the board of directors would explore
options to mitigate and remedy the financial consequences of these difficulties.
The board of directors, having analysed the available options, has agreed to
sell Basil Read Civils Namibia (Pty) Limited to the company`s controlling
shareholder, Bouygues Travaux Publics, for a nominal amount. This disposal will
ensure that the company is no longer exposed to this risk and related losses
that prejudiced its 2004 interim results.
By order of the board
Johannesburg
21 December 2004
Sponsor: Bridge Capital Services (Pty) Limited
Legal advisor: Webber Wentzel Bowens
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