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Sikhumbuzo Moyo and Sikhulekelani Moyo Business Reporters
LISTED brick-making firm, Willdale Limited has terminated negotiations to dispose of certain assets with an unnamed potential partner to raise funding for capital expenditure programmes.
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.
Last month, the firm told shareholders that negotiations were still in progress advising shareholders and the general public to continue exercising caution and to seek professional advice when dealing in the company shares.
In a cautionary statement on Wednesday, company secretary Mr Mavuto Munginga said negotiations have been terminated.
No reasons were given. The negotiations had been ongoing for several months.
“Further to the cautionary statement issued on 10 March 2023, the directors would like to advise that negotiations with a potential partner to develop and dispose of certain assets have now been terminated.
“As a result, caution is no longer required to be exercised when dealing in the company’s shares. The board will continue to explore other options to unlock value from idle assets,” reads the cautionary statement.
The company is engaged in making and selling clay bricks and their products include common bricks, face bricks, semi-faced bricks, and paving bricks.
-@SikhulekelaniM1
Online Reporter