Listed investment company Basil Read Holdings announced that its board had agreed to sell Basil Read Civils Namibia Limited to the company's controlling shareholder Bouygues Travaux Publics for a nominal amount.

In the announcement dated September 29 of Basil Read's unaudited interim results for the six months ended June 30, shareholders were advised of the continuing problems being experienced in working on road contracts in Namibia, which has resulted in delays in the operation and lack of revenue.

In this regard, the group said that shareholders were informed that the board of directors would explore options to mitigate and remedy the financial consequences of these difficulties.

The group noted that the disposal will ensure that the company is no longer exposed to this risk and related losses that prejudiced its 2004 interim results.