Bulelani+Ngcuka,+No+Prima+Facie+Evidence,+Hogarth,+S+Times




 * Sunday Times, Johannesburg, Sunday, 29 January 2006**

“Hogarth”
=Three totally unrelated events=

LATE last year, it was announced that Bulelani Ngcuka’s Amabubesi Investments had teamed up with Mzi Khumalo’s Metallon Holdings to acquire close to 52% of the construction company Basil Read.

In December last year, Ngcuka accompanied his wife, Deputy President Phumzile Mlambo-Ngcuka on a holiday to the Middle East where, it was later reported, the deputy president was taking a close look at the construction industry there with a view to boosting her plans to accelerate South Africa’s growth to 6%.

On January 2 this year, Basil Read’s share price was trading at R3.40. This week it was trading at R4.20, an increase of more than 20% against the property index’s increase of just 1%.

There is no prima facie evidence that the above three events are related.


 * From: http://www.sundaytimes.co.za/articles/article.aspx?ID=ST6A163309**