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Brait buys Buildmax stake

Johannesburg - Private equity group Brait (BAT) has agreed to buy 14.8% of Buildmax for R200m, or R1.50 per share, it was announced on Thursday.

In addition, Brait has concluded a number of agreements with acquire a further 120n shares, or 9.2% stake, from existing shareholders at R1.10 each on condition that the private equity firm buys the initial 14.8% stake.

The total investment in Buildmax would be R332m as part of a strategy to gain exposure to the strong growth in the coal industry.

"Eskom's imperative to increase stockpiles, de-mothball power stations and commission new power stations will drive local demand while the expansion of the Richard's Bay coal terminal will increase export capacity," said Brait Private Equity partner Dennis Mack.

Buildmax said the investment enhances its balance sheet and introduces a strategically valuable shareholder which will allow it to pursue organic and acquisitive growth opportunities.

- I-Net Bridge

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