Basil Read had entered into an addendum to the agreement for the sale of its wholly owned mining consultancy business TWP to Australian Stock Exchange-listed WorleyParsons for R900m, it said yesterday.
The JSE-listed construction and engineering company said the addendum would allow additional time for the fulfilment of certain of the conditions of the initial sale agreement, including among others competition authority and regulatory approvals and Basil Read obtaining approval for the proposed transaction from its shareholders on or before March 5.
It said this followed certain of the conditions precedent in the initial transaction announcement not being fulfilled within the time periods initially provided for in the sale agreement. Basil Read rose 1.07 percent to R9.43. – Roy Cokayne