Chronicle Editor
Michael Makuza, Business Reporter
LISTED brick-making firm, Willdale Limited, has advised shareholders and the general public that negotiations for the disposal of certain idle assets are still in progress.
The company is engaged in making and selling clay bricks and its products include common bricks, face bricks, semi-faced bricks, and paving bricks.
In a cautionary statement, Willdale Limited company secretary, Mr Mavuto Munginga said: “The directors would like to advise that negotiations for the disposal of certain idle assets whose outcome could have a material impact on the business and the share price are still in progress.”
He said shareholders and the general public are, therefore, advised to continue to exercise caution and to seek professional advice when dealing in company shares.”
Last year, the company said it had commenced negotiations as it sought to dispose of certain idle assets to raise funding for capital expenditure.
In 2017, the company disposed of part of its land for US$11 million, with the proceeds utilised towards servicing debt and settling preference shares obligations.
Online Reporter