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Johannesburg - South Africa's Basil Read Holdings Ltd has agreed to buy a trio of construction firms for R345.5m, it said on Wednesday.
Basil Read said it had agreed to pay cash for Mvela Phanda Construction, Contract Plumbing and Sanitation and P. Gerolemou Construction, which have a combined order book of R1.5bn, to boost its building division.
It said it would fund the acquisition by raising R240m of debt through a R1bn Basil Read Holdings Limited medium-term note programme listed on the bond exchange of South Africa.
The purchase of the three companies would enhance its earnings and chime with its strategy of growing by acquisition and organically, it added.
Part of the total amount would be contingent on the companies meeting certain profit targets. Mvela Phanda Construction is not part of Mvela Group.
- Reuters