READY MIXED CONCRETE
Brazil Holding To Be Sold (N.Z. Press Assn. —Copyright) SYDNEY, Jan. 14. Ready Mixed Concrete, Ltd., will sell its Brazilian subsidiaries to a Brazilian company. Payment will be spread over three years. The price is not disclosed, but the directors say that a capital profit will result on completion of the sale. Ready Mixed Concrete has been owned by the Colonial Sugar Refining Company, Ltd, and Blue Metal Industries. Ltd, since their successful joint take-over bid in 1964.
The directors decided to dispose of the Brazilian interests because of continuing difficulties of currency depreciation and repatriation of funds.
Ready Mixed Concrete began trading in Brazil in 1954, and has six subsidiaries there. Inflation Their trading result for 1964-65 was not consolidated in the group accounts, but was applied towards partly offsetting the effects of currency depreciation. In their 1964-65 annual report, R.M.C. directors said that in recent months Brazil’s rate of inflation had tended to slow down, but was still very high by Australian standards.
Net tangible assets of the Brazilian activities represented 0.56 per cent of the group's tangible assets, they said.
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Press, Volume CV, Issue 30959, 15 January 1966, Page 16
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186READY MIXED CONCRETE Press, Volume CV, Issue 30959, 15 January 1966, Page 16
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