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Raubex enters Namibia while it awaits probe outcome
November 9, 2009
By Roy Cokayne
The Competition Commission has quizzed listed road construction and rehabilitation company Raubex as part of its general investigation into anti-competitive practices in the construction industry.
Francois Diedrechsen, Raubex’s commercial and financial director, confirmed on Monday that commission investigators had spent some time at the company, but said they were more interested in the general contracting and asphalt markets than in any specific contracts the group had been awarded.
The company had not heard anything further from the commission but could not say it had been cleared of anything.
Diedrechsen added that Raubex had not made any submissions to the commission nor had it lodged any application for corporate leniency.
“General contracting is an open tendering industry and we are of the opinion there is nothing (anti-competitive) to be found,” he said.
Diedrechsen said the group had entered the Namibian market as part of its strategy to look for cross-border work to fuel its future growth.
The group has been active in Zambia for several years, its Roadmac division has won a R120 million contract for the upgrading and resurfacing of Windhoek’s Hosea Kutako International Airport and the group has tendered for a “sizeable” contract in Malawi that still has to be awarded.
Diedrechsen said the group’s strategy was to establish a sizeable footprint in Namibia. He added the initial focus of its strategy was on Southern African Development Community (SADC) countries with the target of entering one country a year.
Cross-border revenue accounted for only 9 percent of total group revenue but its internal target was to increase this to 50 percent in the next five years, he said.
Raubex on Monday reported a 10.2 percent growth in headline earnings a share to R1.594 in the six months to August from a year earlier despite revenue rising only 1.8 percent to R2.27 billion.
Operating profit improved by 10.6 percent to R440.2 million.
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