WBHO buys out Contexx

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WBHO

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WBHO project in Rosebank in Johannesburg. Photo: Simphiwe Mbokazi.

Wilson Bayly Holmes Ovcon’s (WBHO‚ WBO) Australian subsidiary Probuild Constructions is to acquire the remaining 49.9% interest in Contexx Holdings (Pty) Limited that it does not already own.

It is anticipated that the proposed acquisition will be effective from 1 July 2012.

Probuild specialises in industrial and commercial construction‚ while Contexx has specialty in high-rise residential construction.

The envisaged benefits arising from the acquisition include the facilitation of opportunities for Probuild and Contexx to collaborate on projects that required diverse expertise‚ improved cash flow generation to fund construction activities‚ enhanced management succession planning and operational synergies as a result of combining the infrastructure of the two businesses.

The Contexx acquisition is not expected to have a material effect on WBHO´s earnings‚ headline earnings or net asset value per share. - I-Net Bridge


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