OUR HISTORY

The Basil Read journey dates back to 1952 as the brain child of Mr Basil Leonard Read. What started as a humble building block, has now become a powerful brand that has created a number of milestones in its areas of operation.

It has charted its course through six tumultuous decades in the construction sector – from economic booms to challenging recessions and the plateaus of recovery in between – to secure its rightful place among the leading global construction companies.

It has been a journey signposted with many more milestones – from its listing on the JSE in 1987; to a landmark empowerment deal in 2005; from a R5 billion turnover in 2008; to being top of the Sunday Times Top 100 Companies Survey in both 2008 and 2009.

Explore our interactive timeline to learn more about our journey so far.

1950

1950

In 1950, Basil Read, together with Chisolm Jack, formed a small civil engineering concern known as Jack and Read.

1952

In 1952, still driven by a vision to establish something exceptional, a young, ambitious and determined, Mr Read, driven by a clear sense of purpose and direction, formed the company that today is known as Basil Read.

1960

The 1960s saw Basil Read take off in grand style with an order book of impressive projects, including the construction of the new runways for the JBM Hertzog Airport in Bloemfontein.

1962

In 1962, the company was awarded its first major road contract, the construction of a road from Zeerust to the Cape border, worth more than R1 million.

1974

1974

Basil Read joined forces with CMGM, McLaren & Eger, Peter Clogg Construction and MCG Engineering to form the construction conglomerate Group Five. This move signified the largest single merger of contracting firms that South Africa had ever seen.

1981

Group Five continued to prosper until 1981 when there was an abortive takeover bid, engineered by Magnum. As Group Five was cash‑rich at the time, it was thought that Magnum wished to take it over with a view to making use of its cash reserves. The takeover failed and the company was eventually taken over by Darling and Hodgson.

1984

1984

In 1984, at a time when mergers and acquisitions were the order of the day for South African businesses, and segregation and disenfranchisement were the rule of law, 380 Basil Read employees, including...

1987

Basil Read’s performance defied the odds and in 1987, Basil Read made an impressive debut on the Johannesburg Stock Exchange, listing 3.5 million shares at 175 cents each.

1988

1988

By 1988 Basil Read Homes had embarked on another historic contract when it was chosen as the preferred developers by the Ganchi family of Lenasia, who owned a significant piece of land in Lenasia, to develop through a Joint Venture contract, Migson Manor, a 42 ha township consisting of 288 large residential homes and townhouses, a large shopping centre, business centre, schools, and sports facilities.

1989

By 1989 Basil Read’s turnover had increased from R291 million the previous year to R329 million.

Next section

1993

By September 1993, following a year of negotiations, Bouygues Group became the majority shareholder of the Basil Read Group.

1996

1996

By 1996, after four years of consecutive losses, the tables were turning for Basil Read. It achieved a R9.3 million profit.

1997

Earnings continued to rise through 1997 when the group achieved a record profit of R31.7 million.

1998

1998

By 1998 Basil Read’s performance was one of continuous growth, which significantly strengthened the group’s position in the market. The reputation for building excellent motor racing circuits continued with the awarding of a Design and Build contract for a 4.2km motorcycle track for Phakisa in Welkom Raceway.

1999

By 1999, Basil Read’s main shareholder, Bouygues, was the largest construction company in the world.

2001

The change to a black-owned entity was some years in the making. In 2001 Basil Read partnered with empowerment enterprises to expand business while transferring skills and knowledge.

2002

In 2002, government’s focus on infrastructure projects provided increased business opportunities. Basil Read secured some major contracts, particularly for its Roads division.

2003

2002

2004

2004

In 2003, Basil Read made a strategic decision to focus on quality work rather than quantity. Overheads were adjusted to reduce costs and improve control.

2005

Major projects during Basil Read’s watershed 2005 year included the revitalisation of Chris Hani Baragwanath Hospital and the Hydro Apartment Block on Grayston Avenue for Basil Read’s Building division.

Next section

2006

2006

By 2006, Basil Read had emerged from a highly challenging period in the construction sector. Backed by an exceptional set of results, the group was well‑capitalised and ideally positioned to take full advantage of buoyant market conditions, as well as a period of accelerated infrastructural development.

2007

As Basil Read celebrated 55 years in the construction sector, the year 2007 brought with it another set of outstanding results as the group continued to entrench its reputation as a formidable construction group in a highly buoyant market.

2008

The year 2008 saw Basil Read take the top position in the Business Times Top 100 Companies Survey, following phenomenal share price performance during the previous five years.

2009

The global financial crisis that hit the year before, now rapidly worsened into an economic meltdown not seen since the early decades of the 20th century.

2010

2010

While the entire event lasted only a month, the year 2010 will always be remembered holding South Africa in the grip of football fever.

2011

2011

Despite being one of the most challenging periods that the construction sector had experienced in many decades, Basil Read still achieved some significant milestones during 2011.

2012

During its 60th year, Basil Read continued to secure a fresh pipeline of work, despite the many challenges faced by the construction sector.

2013

The year 2013, saw Basil Read invest a great deal of time and resources in establishing a number of projects to support the group’s turnaround strategy.

2014

Delighted to deliver an excellent set of results for the 2013 financial year, and demonstrating a significant improvement in group’s overall performance and a return to profitability, Basil Read has announced that it is optimistic about the future of the group and its operations.

2014

1950

1952

Gild Road offices
The original Gild Road offices revamped in the early 2000’s.

In 1952, still driven by a vision to establish something exceptional, a young, ambitious and determined, Mr Read, driven by a clear sense of purpose and direction, formed the company that today is known as Basil Read.

The company soon developed a reputation for embodying the values of quality, service excellence, professionalism and accountability, and its founder’s deep sense of respect for other people, regardless of age, gender or race – at a time marked by instability and segregation, soon earned him the trust and loyalty of his staff.

Basil Read established its headquarters in Gild Road, Lilianton, Boksburg, which at the time was a humble gold and coal‑mining town with associated business and residential development. The distinctive Cape Dutch style building in Gild Road has been associated with the Basil Read name for decades. Designed and built at a time when the company was a fledgling civil engineering firm, these premises have seen Basil Read undergo many changes over the years.

1960

Bloemfontein International Airport
Bloemfontein International Airport today.
Kyalami Grand Prix Circuit
The rebuiling of the Kyalami Grand Prix Circuit during 1993.

The 1960s saw Basil Read take off in grand style with an order book of impressive projects, including the construction of the new runways for the JBM Hertzog Airport in Bloemfontein. This project was completed in association with the Cape‑based company, Triamic, in which Basil Read later acquired a 76% interest.

In 1960, Basil Read was involved in the initial design of the Kyalami Grand Prix Circuit racing track and its subsequent widening in 1967. Basil Read’s team of directors dedicated many hours to solving design challenges and often the company carried out work at no additional cost. It was also a time when construction work was carried out on the basis of mutual trust. There were often no formal contracts and often only verbal quotes, acceptances and a handshake were the order of the day.

Since those early days, the Basil Read Group has continued its relationship with Kyalami over the years. The track was rebuilt in early 1993 by the Basil Read Building division in order to accommodate new housing developments that were planned for the surrounding areas. Taking the lessons learnt during the re‑construction of this circuit, Basil Read was able to utilise these in the construction of both the Phakisa and Zwartkops racing circuits some years later.

1962

1962
 

In 1962, the company was awarded its first major road contract, the construction of a road from Zeerust to the Cape border, worth more than R1 million.

Another milestone for Basil Read was the Malelane Sugar Mill, located in the Eastern Transvaal (now Mpumalanga). The contract included the construction of a railway line, foundations for the mill house, turbines and boilers as well as a pump station and water treatment works. The silo, measuring in at 26 metres in diameter and standing 40 metres high, was believed to be the biggest pre‑stressed structure in South Africa at the time.

Other notable early contracts included the construction of an earth dam for the Dundee/Glencoe Regional Water Supply Corporation, the construction of the South African Breweries warehouse in Rosslyn and the construction of factories for AECI in Sasolburg, Modderfontein and Umbogintwini, as well as the Clocolan silo complex and the Daspoortrand road tunnel in Pretoria.

Basil Read also built the dual carriageway between Krugersdorp and Muldersdrift for R2.5 million. While that contract was still under construction, the company was awarded the N3 freeway contract between Alberton and Heidelberg, which it completed a year ahead of schedule. By this time, the latter was worth R8 million.

1974

1974
 
1974
 

By the early 1970s, Basil Read had earned an enviable reputation for delivery. With two decades of successful operations behind it and having established itself as a foremost civil engineering contractor in South Africa, Basil Read joined forces with CMGM, McLaren & Eger, Peter Clogg Construction and MCG Engineering to form the construction conglomerate Group Five. This move signified the largest single merger of contracting firms that South Africa had ever seen.

In 1974, Group Five listed on the JSE, a historic moment that saw company founder, Mr Basil Read leave his sick bed to join the floor of Johannesburg Stock Exchange to see the company shares first offered to the public. Two weeks later, Mr Basil Read tragically passed away from cancer of the oesophagus.

1981

1981
 
1981
 

Group Five continued to prosper until 1981 when there was an abortive takeover bid, engineered by Magnum. As Group Five was cash‑rich at the time, it was thought that Magnum wished to take it over with a view to making use of its cash reserves. The takeover failed and the company was eventually taken over by Darling and Hodgson.

However, Basil Read’s corporate objectives had always been to maintain an informal management style. In all affairs, it wished to accommodate the spirit of its employees. Successful contracting, it believed, was always achieved by management’s involvement, from the highest echelons right down to site level.

As a member of Group Five, Basil Read continued to prosper and although business did not suffer in terms of growth or turnover, the original members of Basil Read felt that as a member of a major construction group, their company had begun to lose a sense of unique vision and purpose.

It was then that Basil Read employees began to embark on a plan to reclaim their independence. No sooner had Darling and Hodgson rationalised all its construction activities under the masthead of Group Five, than the civil engineering community was rocked by the announcement that Basil Read was to be bought by management and staff.

This announcement sent shockwaves through the industry and was well documented in the media at the time. In the end, the decision was driven by an instinctive feeling on behalf of all management and staff in the company to get back to the days when Basil Read himself was at the helm of the company.

1984

1984
 
1984
 

In 1984, at a time when mergers and acquisitions were the order of the day for South African businesses, and segregation and disenfranchisement were the rule of law, 380 Basil Read employees, including 125 black members of staff, made one of the most courageous decisions the local construction sector had ever seen. These employees all worked together to pull off the first ever broad‑based share ownership venture in South Arica.

In‑mid 1984 the directors of Basil Read effected a management buy‑out from Group Five Engineering, principally motivated by their wish to preserve their identity. Few would have predicted that less than three years later the company would be presenting its first report as a publicly listed company.

1987

Johannesburg Stock Exchange
Old Johannesburg Stock Exchange building in Diagonal Street, Johannesburg.

Basil Read’s performance defied the odds and in 1987, Basil Read made an impressive debut on the Johannesburg Stock Exchange, listing 3.5 million shares at 175 cents each. At the time, no less than 60% of the company’s share capital was held by employees at all levels, a highly unusual and progressive state of affairs for the time.

Basil Read was embarking on strategy to raise funds for a round of strategic acquisitions, preparing for a period of unprecedented growth. The company began to restructure its operations into a number of separate divisions. New opportunities in the local construction sector began to bode well for the Basil Read Group, especially a strong need for urban housing and infrastructure development that had been previously hampered by the recessionary period. Basil Read also continued to enhance its reputation through the development of several roads rehabilitation contracts.

By the end of 1987, Basil Read Group consisted of companies active in earthworks, civil engineering, building, rail and road construction, mining, engineering and housing development. Landmark projects at the time included the development of the Quagga Sentrum Shopping Centre in Pretoria West, earthworks for a new road at Port St John’s in Umtata, a coastal road contract near Cape Hangklip, a shaft‑sinking contract at Douglas Colliery, the Ennerdale Housing Project and an 18‑span viaduct near Ulundi on the coal line to Richard’s Bay. Basil Read found itself back at Kyalami Race track in 1988 for a redevelopment project with Clifford Harris responsible for Civil Works and Basil Read responsible for Buildings.

The late 1980s saw Basil Read Housing make headway in the development of homes for low‑income groups in the Transvaal, Free State and Vaal Triangle. Property Development also took off with the Belvidere Estate (Knysna), the Bridgewater Retirement Village (Somerset West) and a luxury townhouse development (Plettenberg Bay).

1988

Kyalami Grand Prix Circuit
Redevelopment of buildings at Kyalami Grand Prix Circuit.

By 1988 Basil Read Homes had embarked on another historic contract when it was chosen as the preferred developers by the Ganchi family of Lenasia, who owned a significant piece of land in Lenasia, to develop through a Joint Venture contract, Migson Manor, a 42 ha township consisting of 288 large residential homes and townhouses, a large shopping centre, business centre, schools, and sports facilities.

In 1988, Basil Read entered into an agreement with Government by Toll Highway Development Co (Pty) Ltd to manage, toll and construct the Springs / Krugersdorp highway.

1989

Lesotho Highlands Water Project
Lesotho Highlands Water Project.
Lesotho Highlands Water Project
Lesotho Highlands Water Project.

By 1989 Basil Read’s turnover had increased from R291 million the previous year to R329 million. The Civil Engineering Roads and Earthworks Division was involved in major projects, including the N2 freeway from Umhloti to Tongaat. Basil Read Buildings began work on the Randridge Mall, Lesedi Clinic and Lenasia Mall. Basil Read’s Mining entity joined forces with international contractors to pre‑qualify on a tender for the Lesotho Highlands Water Project.

Not only was Basil Read starting to make a significant impact on the local construction scene, but its expansion into Africa was becoming a defining feature as well.

1993

Bouygues flag
Bouygues flag.
Dolphine Beach luxury apartments
Dolphine Beach luxury apartments in Cape Town.

By September 1993, following a year of negotiations, Bouygues Group became the majority shareholder of the Basil Read Group. This was a landmark move for various reasons. Firstly Bouygues became one of the first French construction companies and the first European industrial company to take a significant stake in a South African company. Secondly, the Bouygues acquisition of Basil Read meant that the group became part of a major global construction giant. Through its new association with Bouygues, Basil Read was in a position to benefit from cross‑border projects and gain access to multilaterally financed projects that had previously been denied to South African companies.

The Bouygues strategy was twofold – to provide Basil Read with new opportunities by means of larger market prospects and to continue developing the company. With building construction at the core of its operations, Bouygues’s new stake meant that Basil Read would benefit from the French consortium’s expertise in working in diverse international contexts.

The Design and Build approach – still a defining feature at Basil Read today – came as a direct result of the Bouygues acquisition. This approach allowed the construction group to offer its clients real added value, to master the costs of production and to maximise profitability. Furthermore, it ensured that Basil Read’s building expertise continued to prosper and earned the company a number of landmark projects throughout the 1990s.

Against the backdrop of this momentous move, Basil Read continued to secure and complete a number of significant contracts including the Beit Bridge Border Post, Atlantis Police Station, Bellville Athletic Stadium, WAGM North Mine contract and Dolphin Beach luxury apartments.

1996

Richards Bay quay wall
Richards Bay quay wall after completion.
Majuba cooling towers
Construction of the Majuba cooling towers.

By 1996, after four years of consecutive losses, the tables were turning for Basil Read. It achieved a R9.3 million profit. Basil Read’s Civil Engineering, Roads and Earthworks division, having undergone major structural changes, experienced an increased trend towards Joint Venture (JV) projects in a sector where workload was still limited. These contracts included the N2 Hibberdene Freeway on KwaZulu‑Natal’s South Coast, as well as Richards Bay Quay Wall, the success of which resulted in the award of a further contract to extend a quay wall with four caissons.

Another significant contract for Basil Read was the Majuba Cooling Towers, where the first tower completed ahead of schedule with 800 000 injury free hours and the rest of the contract completed a year ahead of its deadline.

Basil Read’s Opencast Mining division’s scope of activities included mine spoils rehabilitation, bulk earthmoving and materials handling with medium and long‑term contracts for nickel, iron, diamond and coal mining clients in South Africa, Botswana and Lesotho.

1997

Malmesbury Prison
Malmesbury Prison.
Basil Read’s 1997 Headquaters
Basil Read’s 1997 Headquaters at Gillooly’s Office Park.

Earnings continued to rise through 1997 when the group achieved a record profit of R31.7 million. The year culminated in Basil Read being ranked 19 in the Sunday Times Top 100 Companies and Top Construction Company.

Basil Read’s Building division was gaining a solid reputation for its construction of hospitals, prisons, residential estates and hotels. Significant projects for this period included the Design and Build Malmesbury Prison, Piazza Shopping Centre, Sunnyside Office Block and Gillooly’s Office Park. In fact, Basil Read made a move to the new prestigious Gillooly’s premises as its new headquarters in 1997. One highlight of the year must be the extremely fast‑tracked Gallagher Convention Centre project, with 33 000m2 completed within five months on this project in Midrand.

1998

Phakisa Raceway
Phakisa Raceway in Welkom.

By 1998 Basil Read’s performance was one of continuous growth, which significantly strengthened the group’s position in the market. The reputation for building excellent motor racing circuits continued with the awarding of a Design and Build contract for a 4.2km motorcycle track for Phakisa in Welkom Raceway.

Following years of negotiations, the commencement of the Maputo Corridor contract signified a landmark project for Basil Read, with the construction of the N4 Witbank to Maputo, the first private toll road in South Africa.

Basil Read Buildings successfully completed the Tonga and Shongwe Hospitals, Le Vendome and Lord Charles Hotels, Munich Re‑Insurance Office Complex, Sansani Studios, the Kings Warehouse at the V&A Waterfront and the fast‑tracked Fourways Crossing Shopping Centre.

1999

Maputo Corridor
Former President Nelson Mandela opens the Maputo Corridor.
1999
 

By 1999, Basil Read’s main shareholder, Bouygues, was the largest construction company in the world. Despite a slight decline in the construction sector, Basil Read’s reputation was enhanced through numerous industry awards for Design and Build contracts: a five‑star Construction Occupational Health and Safety Environment Forum (COHSEF) rating for the Nedcor building, a special category Concrete Award for the Majuba Cooling Towers and another industry award for the Medscheme Offices in Roodepoort. Basil Read Building’s excellent precast work on the Industrial Development Corporation (IDC) building not only reduced construction time dramatically, but earned Basil Read a nomination for the Fulton Concrete Awards for excellence.

By the end of the 1990s Basil Read was continuing in its quest to expand into Africa and was firmly entrenched in Mozambique, Swaziland, Botswana and Zambia.

2001

Nedcor Building
Nedcor Building in Sandton, Johannesburg.

The change to a black‑owned entity was some years in the making. In 2001 Basil Read partnered with empowerment enterprises to expand business while transferring skills and knowledge. Standout projects for this year included the awarding of the Zwartkops Racetrack, the Middelburg Mine Road, and completion of one of Basil Read’s most prestigious developments: the Nedcor Building in Sandton. It was also announced that Basil Read, through Codevco and in association with the Department of Housing, would build approximately 15 000 housing units at Cosmo City.

2002

2003

2004

The year 2004 has been described as the most difficult in Basil Read’s history.

The group was restructured and a strategic decision was taken to refocus on the South African market while withdrawing from all activities in Africa, with the exception of the Group’s Mining division. With the platform now re‑established, Basil Read was ready for fresh direction. In August 2004, Marius Heyns was appointed as the Chief Executive Officer, along with a powerful new executive director team, led by individuals who all had a long‑standing and personal history with the Basil Read Group.

2005

Chris Hani Baragwanath Hospital
Chris Hani Baragwanath Hospital.
Hydro Apartment Block
Hydro Apartment Block on Grayston Avenue in Sandton.

Major projects during Basil Read’s watershed 2005 year included the revitalisation of Chris Hani Baragwanath Hospital and the Hydro Apartment Block on Grayston Avenue for Basil Read’s Building division. Basil Read’s Civil Engineering, Roads and Opencast Mining divisions prospered during this time due to many contracts in association with two empowerment companies, BR‑Tsima Construction and Newport Construction, both of which were later acquired by Basil Read in the following year. Basil Read’s Opencast Mining division successfully concluded a contract with Debswana in Botswana and tendered for work in Namibia.

In 2005, Basil Read moved back to its original headquarters in Gild Road Boksburg. There was a pervading sense that Basil Read had returned to its roots to become the construction company that embraced the ethos of its founder.

2006

2006
Marine works at Richards Bay.

Seizing new opportunities

By 2006, Basil Read had emerged from a highly challenging period in the construction sector. Backed by an exceptional set of results, the group was well‑capitalised and ideally positioned to take full advantage of buoyant market conditions, as well as a period of accelerated infrastructural development.

With the construction sector in the midst of an unprecedented boom, Basil Read’s business was now firmly focused on the local market as well as selected private clients in sub‑Saharan Africa.

Six years into the new decade, the group was characterised not only by organic growth, but robust acquisitive growth to enhance its operations as well. During 2006, Basil Read reached an agreement with Blasting & Excavating, a leading drilling and blasting company, to acquire its entire issued share capital. Basil Read also increased its shareholding in BR‑Tsima Construction and Newport Construction to 51%. This was followed by Basil Read becoming a majority shareholder in Spray Pave (Pty) Ltd, and Stone and Allied Industries.

Continuing the growth trend of 2005, Basil Read’s Building division secured several new contracts in 2006, including the revitalisation of Paarl Hospital and the construction of three new schools for Cosmo City. The year proved to be rewarding for Roads and Civil Engineering, with the upgrading of Pier One in Durban Harbour and marine works at Richards Bay, as well as major infrastructural development at the Coega Industrial Development Zone. In 2006, the Basil Read Newport Construction Joint Venture was awarded the contract for the Coega River Bridges as well as the construction of the MR435 in Port Elizabeth.

Basil Read’s Opencast Mining division reported a highly positive year when it secured a prestigious contract in Namibia. It was contracted to a pioneering project, tasked with opening up the hilly, uneven surfaces in the north‑west of the Rössing Uranium Mine’s Open Pit. Where the project involved a lot of pre‑stripping in preparation for the next phase of Rössing’s mining activities.

2007

The Regent
Costruction of The Regent, a luxury apartment block in Morningside.
Rössing Mine
Open cast opperations at Rössing Mine.

Celebrating 55 years of excellence

As Basil Read celebrated 55 years in the construction sector, the year 2007 brought with it another set of outstanding results as the group continued to entrench its reputation as a formidable construction group in a highly buoyant market. The group exceeded its own targets with turnover for the first six months of 2007 reaching a record high of R904 million, with cash on hand of R360 million. With an order book on the brink of reaching R5 billion, the group accelerated its investment in new plant, equipment and human resources to support this phenomenal growth.

The Buildings division expanded exponentially. Following the successful completion of three inaugural schools at Cosmo City, the division was awarded the contract for a further three schools. Having secured a contract for a luxury apartment block in Morningside, The Regent, the division secured another contract for a five‑storey office block complex, Constantia Office Park, based in Roodepoort. It also commenced with construction of a new warehouse in Rosslyn. To support the group’s growth, Basil Read began constructing a new head office on Brook Road, adjacent to its existing building.

The Roads and Civils division secured a number of significant contracts, as well as further construction in Port Elizabeth’s Coega Industrial Development Zone, under the direction of subsidiary, Newport Construction. Roads rehabilitation projects included the Glen Lyon to Zandkraal N1 Winburg rehabilitation and the N1 Flying Saucer to Atterbury Road.

When a brand new stadium in Nelspruit was needed for the 2010 FIFA World Cup, Basil Read leveraged its partnership with Bouygues Travaux Publics SA to install a highly competent new team in Mpumalanga to be on hand to overcome any challenges. Further afield, phenomenal work on Pier One at Durban Harbour, ensured that the team would finish ahead of schedule on this project.

2008

Basil Read's headquarters
Basil Read's headquarters in Brook Road.
R59 in Sasolburg
Roadcrete development of the R59 in Sasolburg.

Poised for growth

2008 saw Basil Read take the top position in the Business Times Top 100 Companies Survey, following phenomenal share price performance during the previous five years. With the local construction sector still in the midst of an unprecedented boom in the lead up to the 2010 FIFA Wold Cup, the group exceeded its own expectations and achieved a financial turnover milestone of R5 billion.

Basil Read’s Construction division played a pivotal role in the group’s success. In 2008, just one year after construction activities began, Basil Read Buildings completed the construction of a head office building on Brook Road in Lilianton, adjacent to the rapidly expanding group’s Gild Road premises. The new facility, with its sleek finishes and environmentally friendly building features, not only signified a new chapter in Basil Read’s legacy, but provided an eye‑catching showcase of the group’s construction professionalism.

Having exceeded client expectations at the Port of Durban with the fast‑tracked completion of a fully‑operational modern container terminal, Pier One at Durban Harbour, Basil Read Civils was awarded the complete infrastructure for Pier Two, which began in April 2008. Later that year, Basil Read Civils in a Joint Venture with Group Five, Stefanutti Stocks and WBHO was awarded the Kusile Power Station Main Civil Works by Eskom.

Basil Read Roads was bolstered by the acquisition of Roadcrete Africa in May 2008, which represented an extremely valuable asset for Basil Read ahead of some of the larger projects that were awarded to the group later that year.

Sanral’s Gauteng Freeway Improvement Project engaged Basil Read Roads in largest project in the division’s history through two work packages (D1 and D2) in a joint venture with Roadcrete Africa and Dip Civils. Meanwhile, the division continued to achieve impressive milestones on its N17 contract in Mpumalanga, as well the R59 in Sasolburg, the latter representing the largest contract ever awarded by the Free State Province.

Basil Read Mining secured a contract for drilling and blasting at Venetia Mine, which commenced in October, while earthworks at Medupi Power Station were on the verge of completion.

2009

Mbombela Stadium
Mbombela Stadium with its unique giraffe structures.
Kusile Power Station
Civil works at Eskom's Kusile Power Station.

Weathering the storm

Basil Read won the Sunday Times Business Times Top 100 Companies Survey for a second consecutive year for its outstanding share price performance over the previous five years.

On 15 October 2009, the Bouygues Travaux Publics and Basil Read Joint Venture handed over the Mbombela Stadium to Mbombela Municipality. The stadium would host four rounds of matches during the 2010 FIFA World Cup.

Basil Read in a Joint Venture with Group Five, Stefanutti Stocks and WBHO began work on the Kusile Power Station Main Civil Works for Eskom. Basil Read Roads was awarded Package K of the Gauteng Freeway Improvement Project, an extensive upgrade of the N12 Tom Jones and Rietfontein Interchanges on the East Rand.

During the year Basil Read concluded an acquisition deal that would transform and enhance the future capabilities of its already formidable Building division. P. Gerolemou Construction / Mvela Phanda Construction became wholly‑owned subsidiaries of Basil Read Holdings to form the new Basil Read Buildings.

For Basil Read Mining it was a difficult year, although Blasting & Excavating made solid progress on the contract for the DeBeers Venetia Mine Percussion Drilling Project.

Basil Read Developments, the smallest of divisions, was still having the largest socio‑economic impact: a direct investment of R21 billion and a total economic impact of R68 billion for current projects and developments in the planning stages. Klipriver Business Park had been zoned for light industrial and commercial purposes and approvals for Savanna City, a greenfields development 35km from the Johannesburg CBD, were received.

Basil Read revived its engineering division to meet demand for infrastructural upgrade by local government and companies that offer full spectrum services for construction projects. The group concluded a merger with the multi‑disciplinary engineering firm, TWP Holdings, to offer clients a comprehensive range of specialist services.

2010

Sunderland Ridge waste water treatment works
Sunderland Ridge waste water treatment works.
Impala #17 shaft project
Impala #17 shaft project.

Reaching for new frontiers

With an order book topping R8 billion, Basil Read had entered rigorous growth phase, exploring new territories, international expansion and the successful integration of its new subsidiaries.

Throughout the year, the group’s sites on the N17 were expanded by the contract to construct the civil and structural components of the Leandra, Trichardt and Ermelo toll plazas. By the end of 2010, Basil Read Roads began upgrading the surface standards of the 160km Gobabis‑Otijenene road in Namibia. In a joint venture with Basil Read Roads, Newport Construction was awarded a contract to rehabilitate Section 7 of national route 9 from Wolwefontein to Colesberg.

To enhance its capabilities, Basil Read acquired the Valente Brothers group. Established in 1948, the group has built a solid reputation in civil engineering, specialising in the construction of bulk infrastructure, such as pipeline infrastructure and pipe jacking.

In January, Basil Read commenced work on the Ohlanga outfall sewer, pump station and rising main between Umhlanga Rocks and Umdloti. The division was awarded the Sunderland Ridge waste water treatment works. Eskom contracted the division for the construction of ash dumps, dams and other important infrastructure at its Medupi Power Station.

Basil Read Mining started work on the Jwaneng contract for the Debswana Diamond Company, an equal joint venture between De Beers and the government of Botswana. In February 2010, the mining division broke ground at Trekkopje mine, 140km north‑east of Swakopmund in the Namib desert.

In 2010, the Engineering division secured the single biggest shaft‑sinking EPCM contract for the Impala 17 shaft project. TWP Australia was awarded the EPCM contract to develop plant and associated infrastructure at the Siana gold project in the Surigao Gold District of the Philippines. Back home, TPS.P Architects, a wholly‑owned subsidiary of TWP was awarded the major architectural role for the new head office of Old Mutual in Sandton.

2011

Basil Read headquarters
Basil Read headquarters on Romeo Street.
Beeshoek Mine
Beeshoek Mine, Northern Cape.

Building Legacies

With great pride, Basil Read announced that it had been awarded the contract to design, build, operate and transfer an airport on the Island of St Helena by the Government of St Helena. This project, funded by the Department for International Development (DFID), a department of the British government, was five years in the making and provided a much needed boost for the group on the back of a challenging construction period.

With a broad diversification of specialist skills, Basil Read had an advantage, despite operating in one of the most pressurised global economies in decades. The group’s strategic ability to cover a wide range of bases, meant that Basil Read could target projects in a broad array of sectors. This provided the unique ability to take advantage of the upswing in one sector of the market while others were experiencing a lull.

Once again, Basil Read Buildings had the opportunity to showcase its exceptional professionalism through the construction of its own headquarters, the Basil Read Campus on Romeo Street. With Phase One successfully completed and already occupied, work was progressing on Phase Two, Three and Four of the project.

Rising commodity prices boosted mining production. This resulted in a wealth of worthy contracts for capable service providers. Basil Read joined forces with Australian‑based Leighton International and local Botswana company, Bothakga Burrow, to form the Majwe Mining joint venture. Furthermore, Basil Read Mining in a 50/50 joint venture with Concor was awarded the Beeshoek Joint Venture contract by Assmang.

2012

TWP offices
TWP offices at Melrose Arch.
NP Glory 4
NP Glory 4.

Sailing ahead towards a bright future

During its 60th year, Basil Read continued to secure a fresh pipeline of work, despite the many challenges faced by the construction sector. With an order book standing steady at R14 billion, the strongest in the six decades of its existence, Basil Read continued to pursue and tender for a wide range of projects locally, abroad and in Africa.

Then in October 2012, Basil Read announced the acquisition of TWP by WorleyParsons. The acquisition of TWP excluded Basil Read Matomo Projects (Pty) Limited, TWP Investments (Pty) Limited and LYT Architecture (Pty) Limited, formerly TPS.P Architects Limited – which would continue to operate autonomously and as wholly‑owned subsidiaries of Basil Read.

The strategy behind this move was intended to create value for Basil Read’s shareholders and was in line with the group’s evolving strategy of increased focus on EPC business. With concentration now firmly on the group’s core business, there would increased emphasis on special projects, positioning Basil Read for organic growth, reducing debt levels, and having sufficient cash reserves to start investing in resources for government‑planned local infrastructure development.

The year 2012 saw Basil Read enter the next phase of its move to the Basil Read Campus, its new headquarters in Boksburg, which would bring most of the group’s operating divisions under one roof. Furthermore Basil Read Buildings began with the construction of new headquarters at Melrose Arch for TWP.

Basil Read also made some impressive headway during in the construction of an international airport on the island of St Helena, one of the largest construction projects ever awarded to Basil Read. To transport fuel, materials and plant to and from the British Overseas Territory Island, Basil Read chartered a massive Thai cargo vessel, the NP Glory 4, to help complete this exciting project.

2013

Van Stadens Wind Farm Project
Van Stadens Wind Farm Project

The year 2013, saw Basil Read invest a great deal of time and resources in establishing a number of projects to support the group’s turnaround strategy. The prolonged economic downturn required management to concentrate on those day‑to‑day elements that would secure the ongoing success of the group. Understanding that Basil Read’s future would be built on its current priorities and environment, it critically reviewed its strategy to build a stable platform for growth.

With South Africa now also firmly placing the spotlight on renewable energy resources, Basil Read made impressive headway on its Van Stadens Wind Farm Project in the Eastern Cape. The Construction division emerged from a turbulent time and managed to secure a number of key contracts that provided a significant boost to the group order book.

Following the sale of TWP in 2012, Basil Read expanded its existing engineering skills‑base to support its growth in the energy sector as well as its focus on value‑added services in the engineering, procurement and construction (EPC) sectors. Basil Read Mining remained a steady performer within the group with ongoing contracts outside local borders.

Basil Read Developments continued to enhance its reputation for developing sustainable communities and has had a number of landmark developments over the past year, including the much anticipated launch of Savanna City. Basil Read’s world‑class human resources practices, earned the group a ranking as one the Best Employers in South Africa.

2014

TCTA pipeline
TCTA pipeline.
Khusile Power Station
Khusile Power Station.

Delighted to deliver an excellent set of results for the 2013 financial year, and demonstrating a significant improvement in the group’s overall performance and a return to profitability, Basil Read has announced that it is optimistic about the future of the group and its operations.

Basil Read’s order book which remains strong with quality projects improved by 22% to a healthy R12.5 billion. All the divisions performed well under tough operating and economic conditions and were able to maintain revenue growth and deliver returns for all our stakeholders.

1950 - 1989

1952

In 1952, still driven by a vision to establish something exceptional, a young, ambitious and determined, Mr Read, driven by a clear sense of purpose and direction, formed the company that today is known as Basil Read.

1960

The 1960s saw Basil Read take off in grand style with an order book of impressive projects, including the construction of the new runways for the JBM Hertzog Airport in Bloemfontein.

1962

In 1962, the company was awarded its first major road contract, the construction of a road from Zeerust to the Cape border, worth more than R1 million.

1974

Basil Read joined forces with CMGM, McLaren & Eger, Peter Clogg Construction and MCG Engineering to form the construction conglomerate Group Five. This move signified the largest single merger of contracting firms that South Africa had ever seen.

1981

Group Five continued to prosper until 1981 when there was an abortive takeover bid, engineered by Magnum. As Group Five was cash-rich at the time, it was thought that Magnum wished to take it over with a view to making use of its cash reserves. The takeover failed and the company was eventually taken over by Darling and Hodgson.

1984

In 1984, at a time when mergers and acquisitions were the order of the day for South African businesses, and segregation and disenfranchisement were the rule of law, 380 Basil Read employees, including.

1987

Basil Read’s performance defied the odds and in 1987, Basil Read made an impressive debut on the Johannesburg Stock Exchange, listing 3.5 million shares at 175 cents each.

1988

By 1988 Basil Read Homes had embarked on another historic contract when it was chosen as the preferred developers by the Ganchi family of Lenasia, who owned a significant piece of land in Lenasia, to develop through a Joint Venture contract, Migson Manor, a 42 ha township consisting of 288 large residential homes and townhouses, a large shopping centre, business centre, schools, and sports facilities.

1989

By 1989 Basil Read’s turnover had increased from R291 million the previous year to R329 million.

1993 - 2005

1993

By September 1993, following a year of negotiations, Bouygues Group became the majority shareholder of the Basil Read Group.

1996

By 1996, after four years of consecutive losses, the tables were turning for Basil Read. It achieved a R9.3 million profit.

1997

Earnings continued to rise through 1997 when the group achieved a record profit of R31.7 million.

1998

By 1998 Basil Read’s performance was one of continuous growth, which significantly strengthened the group’s position in the market. The reputation for building excellent motor racing circuits continued with the awarding of a Design and Build contract for a 4.2km motorcycle track for Phakisa in Welkom Raceway.

1999

By 1999, Basil Read’s main shareholder, Bouygues, was the largest construction company in the world.

2001

The change to a black-owned entity was some years in the making. In 2001 Basil Read partnered with empowerment enterprises to expand business while transferring skills and knowledge.

2002

In 2002, government’s focus on infrastructure projects provided increased business opportunities. Basil Read secured some major contracts, particularly for its Roads division.

2004

In 2003, Basil Read made a strategic decision to focus on quality work rather than quantity. Overheads were adjusted to reduce costs and improve control.

2005

Major projects during Basil Read’s watershed 2005 year included the revitalisation of Chris Hani Baragwanath Hospital and the Hydro Apartment Block on Grayston Avenue for Basil Read’s Building division.

2006 - 2014

2006

By 2006, Basil Read had emerged from a highly challenging period in the construction sector. Backed by an exceptional set of results, the group was well-capitalised and ideally positioned to take full advantage of buoyant market conditions, as well as a period of accelerated infrastructural development.

2007

As Basil Read celebrated 55 years in the construction sector, the year 2007 brought with it another set of outstanding results as the group continued to entrench its reputation as a formidable construction group in a highly buoyant market.

2008

The year 2008 saw Basil Read take the top position in the Business Times Top 100 Companies Survey, following phenomenal share price performance during the previous five years.

2009

The global financial crisis that hit the year before, now rapidly worsened into an economic meltdown not seen since the early decades of the 20th century.

2010

While the entire event lasted only a month, the year 2010 will always be remembered holding South Africa in the grip of football fever.

2011

Despite being one of the most challenging periods that the construction sector had experienced in many decades, Basil Read still achieved some significant milestones during 2011.

2012

During its 60th year, Basil Read continued to secure a fresh pipeline of work, despite the many challenges faced by the construction sector.

2013

The year 2013, saw Basil Read invest a great deal of time and resources in establishing a number of projects to support the group’s turnaround strategy.

2014

Delighted to deliver an excellent set of results for the 2013 financial year, and demonstrating a significant improvement in group’s overall performance and a return to profitability, Basil Read has announced that it is optimistic about the future of the group and its operations.