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G5 consortium wins R10bn toll roads bid

Johannesburg - Construction firm Group Five [JSE:GBF] on Monday announced that the South African National Roads Agency Limited (Sanral) had selected the Protea Parkways Consortium as the preferred bidder for the R10bn Winelands Toll Road project in the Western Cape.

The lead construction partners of the Protea Parkways consortium included Group Five, Basil Read Holdings [JSE:BSR] and French firm Bouygues T.P.

Group Five said that the Protea Parkways Consortium would now, in consultation and negotiation with Sanral, take the project through to financial close.

In August Group Five reported an 18.8% decline in revenue for the year ended June 2011, to R9.2bn due to a reduction in activity levels within the buildings, housing and civil infrastructure markets, client-driven contract delays and the group's decision not to chase volumes at the expense of margin and cash absorption.

Operating profit before fair value adjustments and impairment adjustments decreased by 43.1% to R499m, it said.

The board approved a final dividend of 20 cents per share, from 74c in 2010, bringing the total dividend for the year to 72c per share.

 
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