An agreement to sell LYT Architecture is signed by BASIL Read to a management consortium for R42 million.
LYT Architecture is a diversified professional practice offering architectural and design services to a broad spectrum of clients across the African continent.
The sale agreement was signed into between TWP Matomo Process Plant and Basil Read, wholly owned subsidiaries of the listed construction group, and a association comprising LYT Architecture managing director Guy Steenekamp plus eight other directors and three associate directors of the firm.
Basil Read said that the agreement to sell LYT Architecture followed an announcement in August, in which the group said that it had developed an 18-month turnaround plan, concerning the critical evaluation of its different businesses and assets into core and non-core categories.
It said, As part of this process, LYT Architecture was determined to be non-core and was earmarked for disposal .