Construction group Basil Read's major shareholder has agreed to sell almost 52% of the group to a black consortium, which could trigger an offer to minorities and see the group delisting from the JSE.

French parent group Bouygues Travaux Publics, which owns about 70% of Basil Read, said on Friday it would sell a 51,9% stake to a consortium comprising former national director of public prosecutions Bulelani Ngcuka's Amabubesi Investments and entrepreneur Mzi Khumalo's Metallon Ventures.

The group did not disclose the value of the deal, but said it was based on the group's average share price in the 30 days to May 12 this year. At an average share price over that period of about 80c, the value of the transaction would be about R22m. The share ended at 305c on Friday, unaffected by the announcement, which was made after the close of business.

Basil Read CEO and MD Marius Heyns said on Friday the French group would sell a large share at the empowerment consortium's insistence.

Heyns, however, did not believe the consortium wanted full control of Basil Read, or for the company to be delisted.

Heyns said management was "very happy" with the black consortium's proposed large share, since it would put it ahead of other construction companies, particularly in terms of their positioning to secure government contracts.

In terms of the securities regulation code on takeovers and mergers, the acquisition would force the empowerment consortium to make a mandatory offer to all Basil Read shareholders to acquire their shares "on terms no less favourable than those applicable to the acquisition".

Basil Read recently started showing signs of a turnaround following a five-year struggle.

The company recently reported a net profit of R6m for the half year to June compared with a loss of R45m in the corresponding period last year.

Headline earnings a share improved to 10,79c, compared with an 87,10c loss in the comparable period. Revenue increased by R47m to R254m.

The group's announcement of a black economic empowerment deal pre-empts the industry's empowerment charter, which is likely to be unveiled next month. The deal will put Basil Read in good stead to win government contracts.

Government spending on infrastructure in the next three years is estimated at R167bn. State-owned enterprises Eskom and Transnet have said that they would spend billions of rand in the next five years on infrastructure.

Eskom has set aside R93bn to spend on power stations and independent power producers projects. Transnet is expected to spend about R37bn on infrastructure for its rail and port businesses.

Basil Read and other companies in the industry also stand to benefit from the refurbishment of stadiums in preparation for the 2010 Soccer World Cup.