Buildmax: Raubex to buy BAQ assets for R55m

BUILDMAX, the listed open-cast mining contractor and building materials supplier, has agreed to sell certain assets of its subsidiary Buildmax Aggregates and Quarries (BAQ) to listed road construction and rehabilitation company Raubex for R54.76 million. BAQ has entered into contract mining agreements with Raumix on behalf of subsidiaries Crushco, Alfa Sandworks, Mystic Blue Trading 135 and Verlesha Investments. Buildmax said its board had determined that the aggregate and quarry operations of BAQ were non-core to its main contracting business and the offer received represented a realistic fair market value. It added that it expected to report a loss a share of between 48.5c and 58c and a headline loss a share of between 24.2c and 29c for the six months to August. It expects to publish its interim financial results before the end of November. Shares plunged 27.08 percent to close at R1.75 yesterday. – Roy Cokayne