Stefanutti Stocks to seal deal

Johannesburg - Construction firm Stefanutti Stocks, previously known as Stefanutti & Bressan, is to buy the remaining 49% interest in its Cape Town subsidiary Civil & Coastal for R57.5m.

Civil & Coastal specialises in marine civil engineering design and construction activities. It also involves itself in concrete repair and rehabilitation.

"Stefanutti Stocks is the controlling shareholder of Civil & Coastal and considers it in the best interest of shareholders to increase its interest in this company," the firm said in an announcement on Friday.

"This is line with the Stefanutti Stocks' strategy of acquiring minority interests in profitable subsidiaries," it said.

Civil & Coastal was established in 1992 and operates predominantly in the western Cape and Angola.

Shortly after noon on Friday, Stefanutti's shares were untraded at R10.35, while the JSE's all-share index was up 1.56%.

- Fin24.com