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Basil Read set to make solid turnaround, says CEO
Basil Read CEO Khathutshelo Mapasa believes the firm is on track to effect a solid turnaround following successfully concluding a rights offer in February this year.
The full R300m required for repayment of the bridge loan and working capital was raised. The shares, offered at a discounted price of 22 cents a share, was supported by the company’s major shareholders, says Mapasa.
Shareholders led by Allan Gray, PSG Asset Management, Prudential Investment Managers, Sishen Iron Ore Community (SIOC) Trust and the Industrial Development Corporation (IDC) undertook to follow their rights.
“With this new cash injection, Basil Read is on a firm path towards recovery,” Mapasa said. “We are cognisant of, and grateful for, the shareholders’ faith in us. There’s hard work ahead, but we’re ready.”
