PLUMBING AND SANITARYWARE
Dawn moves to sell rest of GDW
Distribution and Warehousing Networks (Dawn) has signed a nonbinding memorandum of understanding with the controlling shareholders of Grohe Dawn Watertech (GDW) for the potential disposal of Dawn’s 49% holding in GDW. The shareholders already hold 51% the business. The JSE-listed construction and building materials group says there is no certainty the transaction will be concluded. GDW houses the Cobra-branded plumbing products and Vaal sanitaryware. Dawn delayed releasing its annual results on June 30, stating there was an "unexpected and material delay in the reporting of results by a major associate". It will now release its results on Friday. If the proposed sale goes ahead Dawn will remain the long-term master distributor for the GDW product range in southern Africa. "There will be a lot more clarity on Friday," CEO Edwin Hewitt said on Tuesday. The company has churned executives after it sold a 51% stake in GDW in 2014 for R880m cash. The stake was bought by Grohe, a German gl...
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