1. (a) Basil Read Limited
(b) Contract NRA N.001-270-2013/1: NATIONAL ROUTE 1 SECTION 27: THE POLOKWANE EASTERN RING-ROAD PHASE 2 : NEW CONSTRUCTION AND IMPROVEMENTS BETWEEN KM 10.5 AND KM 25.4
The project came to a halt because Basil Read Limited fell into severe cash flow difficulties early in 2018 and went into voluntary Business Rescue on 15 June 2018 in terms of applicable legislation.
(c) Commencement date was 1 December 2015.
(d) Halted on 15 June 2018.
(e) Total cost of the construction at award was R 561 919 579.46 excluding Contingencies, Contract Price Adjustment, Rise and Fall, and VAT.
(f) R 403 000 000.00 excluding VAT. Up to end October 2018.
2. Yes, the original contract includes penalties of R80 000 per day excluding VAT for late completion. Penalities become applicable only after the contractural end date has been reached.
3. Yes, the Project will be completed. Under Business Rescue Legislation SANRAL has to provide Basil Read Limited with the opportunity to complete the construction. However if the Business Rescue process fails, SANRAL will follow the contractural procedures and engage with with the guarantor to step-in and make sure that the Project is completed successfully.