Basil Read in major BEE deal

September 26, 2005

Basil Read's controlling shareholder has agreed to sell its 52 percent stake in the construction group to a black economic empowerment consortium, it was announced late on Friday...

French parent company Bouygues Travaux Publics has concluded an agreement with Amabubesi Investments and Metallon Ventures in terms of which the consortium will acquire 28.6 million Basil Read shares at a price based on the average Basil Read closing price on the JSE for the 30 days ending May 12.

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