Basil Read rescue plan ‘still on track’
Basil Read and other construction companies have struggled since government slowed infrastructure spending
Basil Read CEO Khathutshelo "K2" Mapasa says the plan to save the construction company is on track despite the resignation of its CFO. Pieter van Buuren will leave his role as CFO with effect from September 21, the 66-year-old company said on Monday. Mapasa said a replacement will be "found soon" and Basil Read still has "a strong financial management team" that is capable of carrying out their portion of a business rescue plan that was released last week. "Our CFO has left to pursue other opportunities. He is not leaving for any untoward reason and his exit does not affect the turnaround plan at Basil Read," Mapasa said. Basil Read and other construction companies that have been household names for decades have struggled after government spending on infrastructure slowed markedly following a boom in anticipation of the 2010 World Cup. Some, including WBHO, Group Five and Murray & Roberts, have found work offshore. Road builder Raubex is growing a home construction business.