Johannesburg - Construction group Basil Read Holdings [JSE:BSR]
said on Friday that it had reached an agreement with MSCSA Investments for the disposal of 100% of its shares in Basil Read Contracting for a cash consideration of R91.2m.
Simultaneously, Basil Read Limited had entered into a sale-of-movables agreement with Macsteel Service Centres SA for the disposal of movable furniture, office equipment and appliances for a cash consideration of R9m excluding value-added tax (VAT).
The effective date of the disposals was January 1.
Basil Read Contracting owns immovable properties in Lilianton, Gauteng, which serve as the Basil Read group's head office.
"The rationale for the disposals is that the properties that are the subject of the disposals have become too small for the current and future requirements of the company," the group said.
The conditions precedent to these disposals were fulfilled, Basil Read said.