BUILDMAX LIMITED - Winding up of diesel power civils a division of diesel power opencast mining

Winding up of diesel power civils – a division of diesel power opencast mining

BUILDMAX LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1995/012209/06)
Share Code: BDM
ISIN Code: ZAE000167318
("Buildmax" or “the Company”)


WINDING UP OF DIESEL POWER CIVILS – A DIVISION OF DIESEL POWER OPENCAST MINING
Due to the tough trading conditions in South Africa, in particular, trading conditions within the
construction industry, the board of directors of Buildmax (“Board”) have approved the winding up of
Diesel Power Civils (“Civils”), a division of Diesel Power Opencast Mining (Pty) Limited (“Diesel Power
Mining”).

The Board’s decision is based on the fact that the prospects for civils contractors have been
depressed during the past two years and that there are no meaningful projects on the horizon.

Despite management’s efforts within the Civils division to tender competitively for the scarce civils
jobs available, we have been unable to secure any meaningful future projects.

Although the decision has been made to wind up Civils, the Board confirms that certain technical skills
will be retained within Diesel Power Mining in order to tender for selected civils work that are strategic
to the Company’s mining activities.

Civils average contribution to the Company’s turnover over the past 3 years has been approximately
15%.

The Board expects the winding up of Civils to be completed by the end of March 2016.



Benoni

1 February 2016



Sponsor to Buildmax




Questco (Pty) Ltd

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