Basil Read tries to improve liquidity

File: Basil Read reported a drop in revenue from R2.5-billion last year to R2.3-billion this year. Photo: Lillian Suwanrumpha / AFP

JOHANNESBURG - Construction company, Basil Read's planning to raise up to R300-million to improve its liquidity.

The struggling firm's using the plan to bring stability and fund its operations.

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Basil Read reported a drop in revenue from R2.5-billion last year to R2.3-billion this year.

The company’s operating loss was R458-million for the six months ending in June.

The board says cash flow is critically tight, and raising new funding is essential to stabilise the firm.

The share price was unchanged at 80 cents by midday on Monday.

In the year to date, Basil Read has lost more than 64 percent of its value

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