Dawn up, to sell stake in manufacturing unit

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IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - Shares of South African building group Dawn rise sharply after it says it plans to sell 51 percent stake in its building manufacturing unit to unlisted Grohe Luxembourg Four for 880 million rand.

Shares are up over 9 percent to 11.90 rand, outperforming the All-Share index which is little changed.

Dawn said proceeds from the proposed deal will be used to repay debt and acquire new businesses. - Reuters

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