2 January 2018

South Africa: Basil Read Appoints New CFO

Construction firm Basil Read [JSE:BSR] has appointed a new chief financial officer, after Talib Sadik resigned from the position and as finance director.

According to a notice issued to shareholders on Tuesday, Sadik's resignation was effective from December 31 2017.

Basil Read subsequently appointed Pieter van Buuren as chief financial officer with effect from January 1 2018.

"Mr Van Buuren brings 23 years of financial leadership experience, having previously been the chief financial officer for New York Timber Holdings Limited, project finance manager for Murray & Roberts Projects and general manager: finance for Bell Equipment Company," the notice read.

Commenting on Van Buuren's appointment, CEO Khathutshelo Mapasa said the group looks forward to working with him "to inject new energy" into the group's efforts, which focus on improving business performance and the "strategic transformation" of the company.

Basil Read was one of seven firms identified by competition authorities as being involved in price collusion in the sector.

Basil Read, along with firms WBHO, Aveng, Murray & Roberts, Group Five, Raubex and Stefanutti Stocks, entered into a multi-billion rand settlement agreement of R1.5bn for socio-economic development over a 12-year period.

Source: Fin24

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