Buildworks has reported that headline earnings per share for the six months ended February had declined from 5.65 cents to 3.47 cents.

Heavy building materials supplier Buildworks Group, which seeks to list on the JSE's AltX on Wednesday November 28, plans to raise 50 million rand via private placing of as many shares at one rand each, it said on Monday.

The Gauteng-based company will list 470 million shares on the AltX's building materials and fixtures sector.

Buildworks is a supplier of heavy building materials to the construction industry, which are used in the construction of houses, roads, stadiums, shopping centres, railways, schools, offices and other infrastructure.

The cash raised from private placing is expected to fund the group's 28 million rand construction of a concrete roof tile plant, which is expected to start early next year. The cash is also expected to help the group to upgrade its maker of crushed sand and stone Drift Supersand, which will cost eight million rand.

Gauteng is currently the company's principal market, but the group intends to expand into other markets within South Africa through acquisitions and distribution agreements.

The group said that after the listing, its black empowerment partner Phatsima Brick Clay will own 21.5%, and Buildworks expects the total empowerment shareholding after the listing to be 26%.