July 10, 2020 / 2:38 PM / a month ago

BRIEF-Basil Read Says SSBR-JV Disputing Allegations It Has Been Overpaid

July 10 (Reuters) - Basil Read Holdings Ltd:

* BASIL READ HOLDINGS LTD - “SSBR-JV IS DISPUTING ALLEGATIONS THAT IT HAS BEEN OVERPAID AND INVESTIGATION IS STILL ONGOING”

* BASIL READ - CONCLUDED SETTLEMENT AGREEMENT WITH STEFANUTTI STOCKS WITH EFFECT FROM 1 SEPT 2017, SELLING INTEREST IN SSBR-JV TO STEFANUTTI STOCKS

* BASIL READ - RATIONALE FOR CO WAS CONTRACT HAD BEEN LOSS MAKING, DUE PRIMARILY TO “LACK OF RESOLUTION” WITH REGARDS TO CLAIMS FOR EXTENSION OF TIME

* BASIL READ - SETTLEMENT AGREEMENT WITH STEFANUTTI STOCKS INDEMNIFIES CO FROM LIABILITY ON DEAL ENTERED INTO BY SSBR-JV WITH ESKOM Source text for Eikon: Further company coverage:

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