The shareholders already hold 51% the business.
The JSE-listed construction and building materials group says there is no certainty the transaction will be concluded.
GDW houses the Cobra-branded plumbing products and Vaal sanitaryware.
Dawn delayed releasing its annual results on 30 June, stating there was an "unexpected and material delay in the reporting of results by a major associate". It will now release its results on Friday.
If the proposed sale goes ahead, Dawn will remain the long-term master distributor for the GDW product range in southern Africa. "There will be a lot more clarity on Friday," CEO Edwin Hewitt said on Tuesday, 11 July.
The company has churned executives after it sold a 51% stake in GDW in 2014 for R880m cash. The stake was bought by Grohe, a German global sanitaryware firm, which had just been bought by Japan’s Lixil building products group.
In recent results, Dawn reported losses of more than R1bn amid the delayed approval of working capital. It subsequently closed a rights offer worth R358m to help turn around the group. It is now in a closed period, but said it would continue to take costs out of the business, close down warehouses and refocus itself.
Source: Business Day
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
