Buildmax: Shares shed 6% after third party cancels interest

BUILDMAX stock fell 6.6 percent to close at R1.42 yesterday. This followed Tuesday’s news of the withdrawal of interest by an unidentified third party that had previously shown interest in buying the entire issued share capital of the group. Buildmax said on Tuesday that the third party had withdrawn its interest because of current risks in the contract mining and civil sectors. It added that all the conditions related to the sale of business and assets by Buildmax Aggregates and Quarries (BAQ) to Raubex and its wholly owned subsidiary, Raumix Aggregates, for R54.76 million had been fulfilled or waived and the proceeds of the transaction had been received by BAQ. – Roy Cokayne