Online Reporter
Martin Kadzere-Business Reporter
BETA Bricks clients, who expected to recover their paid-for but undelivered building materials, have had their hopes dashed.
The “front-runner” investor, whose acquisition offer Beta Bricks had accepted without alterations, has unexpectedly pulled out of the deal.
Beta Bricks, currently under voluntary corporate rescue, had previously indicated that a deal was imminent with one of four interested investors.
However, corporate rescue practitioner Mr Tinashe Rwodzi has informed creditors, via a creditors WhatsApp platform, that the “front-runner” investor had withdrawn their interest.
“We regret to inform you that the potential investors who had made an offer, and we had accepted that offer without alterations, pulled out without any explanation,” said Mr Rwodzi.
“We have since engaged another potential investor, and we have made progress in our discussions with them.”
BETA owes about USS$8,7 million to clients for prepaid orders of bricks, roofing tiles, and aggregates.
