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Kusile power plant project, South Africa

By: Sheila Barradas     20th April 2018 General Electric has successfully completed performance tests on Unit 1 of the power plant. 

Durban port upgrade and expansion project, South Africa

By: Sheila Barradas     6th April 2018 The upgrade of two shiploaders at the Durban harbour has been completed. 

Basil Read outlines turnaround plan as auditor issues going-concern warning

By: Irma Venter     28th March 2018 Basil Read remains a viable business, despite the group’s auditors noting their apprehension regarding the company’s ability to continue as a going concern, says CEO Khathutshelo Mapasa, who took over the reins at the company in October. PricewaterhouseCoopers noted in Basil Read’s annual results... 

Basil Read to take on building of top structures

By: Megan van Wyngaardt     7th March 2018 Local construction company Basil Read has received permits from the National Home Builders Registration Council (NHBRC) to start building top structures at its housing developments, such as its Savanna City Estate mixed-use development, near Orange Farm, in Gauteng. The top structure would be... 

Basil Read shares rise as it successfully completes rights offer

By: Megan van Wyngaardt     26th February 2018 JSE-listed construction company Basil Read's shares on Monday rose 4.17%, after reporting that its rights offer, aimed at raising R300-million, received full support. The company issued 1.36-billion shares at 22c apiece - a discount to the 65c apiece closing share price on January 26. 

Basil Read CEO upbeat about capital raise, company prospects

By: Megan van Wyngaardt     7th February 2018 Although still in the grips of a financial predicament, owing to poor construction prospects in South Africa, paired with bad debts and cash-depleting projects, local construction company Basil Read’s CEO Khathutshelo Mapasa tells Engineering News Online that he is confident about company’s... 

Basil Read's shares fall on announcement of discounted rights offer terms

By: Megan van Wyngaardt     29th January 2018 JSE-listed construction company Basil Read's shares took a 23.08% tumble on Monday morning, after it released the terms of its proposed R300-million rights offer, which has been significantly discounted. The proposal includes the issue of 1.36-billion shares at 22c apiece, compared with the... 

Transverse launching method to minimise impact on traffic

By: Simone Liedtke     15th December 2017 A transverse launching method, which will be used on the completed Ashton Arch bridge in the Western Cape, will reduce the impact on traffic during the construction of this strategic route, states engineering company Aecom Africa highway and bridges lead Michael Bouwmeester. 

Medupi power station project, South Africa

By: Sheila Barradas     15th December 2017 Mitsubishi Hitachi Power Systems has completed delivery of the third boiler unit of the Medupi power station project. 

Medupi power station project, South Africa

By: Sheila Barradas     1st December 2017 Eskom has linked unit four of its Medupi coal power station to the grid. 

St Helena Airport development

By: Sheila Barradas     20th October 2017 St Helena has welcomed its first commercial flight. 

Lossmaking Basil Read pushing ahead with ‘extensive restructuring’

By: Irma Venter     8th September 2017 Construction and engineering group Basil Read has announced a R458.8-million operating loss for the six months ended June 30, compared with a R73.4-million profit for the same period last year. Revenue from continuing operations declined from R2.5-billion, to R2.27-billion. 

Kusile power plant project, South Africa

By: Sheila Barradas     8th September 2017 Unit 1 of Eskom’s Kusile power station has been brought into full production. 

Kusile power plant project, South Africa

By: Sheila Barradas     1st September 2017 Unit 1 of Eskom’s Kusile power station was brought into full commercial operation at the end of August. 

Basil Read posts R459m loss, continues restructuring, capital raising

By: Irma Venter     28th August 2017 Construction and engineering group Basil Read on Monday announced a R458.8-million operating loss for the six months ended June 30, compared with a R73.4-million profit for the same period last year. Revenue from continuing operations declined from R2.5-billion, to R2.27-billion. 

Basil Read to swing to H1 loss

By: Anine Kilian     21st August 2017 JSE-listed Basil Read expects to report a headline loss a share of between 290c and 300c for the six months ended June 30, compared with headline earnings a share of 48.92c in the first half of 2016. It further expects to report a basic loss a share of between 359c and 365c for the six months... 

Goldplat bolsters management with new FD, nonexecutive director appointments

By: David Oliveira     1st June 2017 Aim-listed Goldplat has appointed Werner Klingenberg FD and Sango Ntsaluba nonexecutive director, with immediate effect. Ntsaluba is chairperson of Goldplat’s South African subsidiary Goldplat Recovery and is a well-known figure in the accountancy and auditing profession of South Africa. 

Nicolau resigns as Basil Read CEO

By: Creamer Media Reporter      31st May 2017 Neville Nicolau has resigned as CEO of Basil Read, effective May 31, for personal reasons. Basil Read group executive committee member and the executive officer for mining, Khathutshelo (K2) Mapasa, will step in as acting CEO until a permanent successor is appointed. 

Alphamin appoints Swanepoel, Baloyi to board; starts mine boxcut construction

By: Megan van Wyngaardt     20th April 2017 TSX-listed Alphamin Resources, which is developing the Bisie tin project, in the Democratic Republic of Congo, has appointed Bernard Swanepoel and Paul Baloyi to its board. Swanepoel currently also serves on the boards of miners Impala Platinum, Zimplats, eXtract Limited, African Rainbow Minerals... 

Basil Read expects to post full-year loss

By: Megan van Wyngaardt     28th February 2017 Construction company Basil Read expects to report a loss a share of between 84c and 103c for the year ended December 31, as well as a loss a share from continuing operations of between 39c and 48c. This compares with earnings a share of 137.27c for 2015. 

Future of St Helena airport uncertain as it is deemed unusable by commercial airlines 

By: Irma Venter     27th January 2017 The UK’s Department for International Development (DFID) has spent £285.5-million of British taxpayers’ money on building an airport in St Helena that is not usable by commercial airlines. This is the main finding of a report published by the UK House of Commons Committee of Public Accounts. 

UK government report slams St Helena airport development 

By: Irma Venter     14th December 2016 The UK’s Department for International Development (DFID) has spent £285.5-million of British taxpayers’ money on building an airport in St Helena that is not usable by commercial airlines. This is the main finding of a report published by the UK House of Commons Committee of Public Accounts on... 

Construction giants reach transformative agreement with govt 

By: Megan van Wyngaardt     11th October 2016 The South African Forum of Civil Engineering Contractors, together with national government, on Tuesday signed an agreement with several construction companies, including Wilson Bayly Holmes-Ovcon (WBHO), Aveng, Murray & Roberts, Group Five, Basil Read, Raubex and Stefanutti Stocks, to accelerate... 

Panel appointed to review solutions for grounded St Helena airport

By: Irma Venter     30th September 2016 The UK’s Secretary of State for International Development, Priti Patel, has appointed an external expert to review the process that has seen a delay in the start of regular air services to St Helena, a spokesperson for the UK’s Department for International Development (DFID) tells Engineering... 

Independent panel to address St Helena air operations delay 

By: Irma Venter     15th September 2016 The UK’s Secretary of State for International Development, Priti Patel, has appointed an external expert to review the process that has seen a delay in the start of regular air services to St Helena, a spokesperson for the UK’s Department for International Development (DFID) tells Engineering... 

Basil Read intensifies focus on integrated housing development to strengthen order book

By: Megan van Wyngaardt     23rd August 2016 Construction company Basil Read will be focusing in particular on the integrated housing development sector to drive future growth and strengthen its order book, as this “is a real opportunity for South Africa”. Speaking to Engineering News Online on Tuesday, CEO Neville Nicolau highlighted that... 

Basil Read feels the pinch in subdued construction environment

By: Megan van Wyngaardt     22nd August 2016 With the local construction sector remaining subdued in the six months to June 30, JSE-listed construction company Basil Read has seen a drop in profit after tax to R34.4-million, down from R41.6-million in the comparative period of 2015. However, despite the difficult trading environment,... 

Basil Read expects earnings increase in half-year results

By: Megan van Wyngaardt     16th August 2016 JSE-listed construction company Basil Read expects to see a significant increase in its headline earnings a share in the six months to June 30, up by between 18.5% and 37.4% from the corresponding year-ago period to 51c apiece. This difference in earnings a share is expected to be below the... 

St Helena Airport development, St Helena Island

By: Sheila Barradas     20th May 2016 The airport has been given approval to start commercial flight operations. 

St Helena Airport receives certification to start commercial flight operations

By: Creamer Media Reporter      12th May 2016 The St Helena Airport has been given the go-ahead to start commercial flight operations. South African construction firm Basil Read was, in November 2011, awarded the contract to design, build and operate the airport on the remote island of St Helena, a British territory 2 300 km north-west of... 

St Helena Airport development, St Helena Island

By: Sheila Barradas     22nd April 2016 The St Helena Airport has completed a successful five-day audit run. 

Five-day audit test of St Helena Airport completed

By: Natasha Odendaal     15th April 2016 The Bombardier Challenger 300 aircraft that made the inaugural flight to St Helena Airport (HLE), in the south Atlantic Ocean, returned to its Lanseria, Johannesburg, base on Friday, following a successful five-day audit run, global business aviation organisation ExecuJet Africa said. The... 

Much Asphalt completes SprayPave acquisition

By: Irma Venter     19th February 2016 Much Asphalt has completed the acquisition of SprayPave, following Competition Commission approval for the transaction, says Much Asphalt MD Bennie Greyling. Much Asphalt is South Africa’s largest manufacturer of asphalt products. 

Much Asphalt concludes SprayPave acquisition

By: Irma Venter     9th February 2016 Much Asphalt has completed the acquisition of SprayPave, following Competition Commission approval for the transaction, says Much Asphalt MD Bennie Greyling. Much Asphalt is South Africa’s largest manufacturer of asphalt products. The company’s acquisition of SprayPave from construction group... 

Basil Read sells SprayPave to Much Asphalt for R78.6m

By: Megan van Wyngaardt     30th October 2015 Construction group Basil Read will sell its SprayPave bituminous road binder manufacturing subsidiary to hot and cold asphalt products supplier Much Asphalt for R78.6-million. The JSE-listed company would use the net proceeds to reduce its debt and fund its capital management initiatives. 

Basil Read on hunt for new projects as St Helena Airport winds down

By: Irma Venter     11th September 2015 Construction group Basil Read returned to profit in 2015, but CEO Neville Nicolau indicated at a recent presentation that cash was tight and that there were also concerns about finding replacement contracts for the large-scale St Helena Airport job. The first commercial flight to the island was... 

Basil Read records R820m loss in challenging market

By: Megan van Wyngaardt     27th March 2015 A challenging construction sector, difficult contractual environment and poor operational performance have contributed to JSE-listed construction company Basil Read reporting an R820.9-million aftertax loss for the year ended December 31, 2014. “Lossmaking contracts across all construction... 

Basil Read expects significant losses for 2014

     20th March 2015 JSE-listed construction group Basil Read expects to report a loss a share of between 588c and 635c for the year ended December 31. This would be between 349% and 369% lower than the earnings a share of 235.9c recorded in 2013, owing to losses relating to contracts in the construction and... 

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