Basil Read in R521m BEE deal with SIOC Development Trust

June 28, 2012

JSE-listed construction and engineering group Basil Read on Thursday said it had agreed a deal that would see the black-empowered Sishen Iron Ore Company Community Development Trust (SIOC-cdt) own an effective 25.1% stake in the company.

The total value of the broad-based black economic-empowerment (BBBEE) transaction was R521.1-million, of which R99.3-million would be paid by SIOC-cdt in cash and R421.8-million would be in the form of vendor funding by way of a notional loan.

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