Basil Read CEO upbeat about capital raise, company prospects

Although still in the grips of a financial predicament, owing to poor construction prospects in South Africa, paired with bad debts and cash-depleting projects, local construction company Basil Read’s CEO Khathutshelo Mapasa tells Engineering News Online that he is confident about company’s future prospects. In a telephone interview on Wednesday, he outlined that, with the irrevocable backing of 55% of its shareholders and the partial underwrite from the Industrial Development Corporation for its proposed capital raise, he was confident that the company would reach the goal of raising R300-million.