The Sunday News
Judith Phiri, Business Reporter
ONE of Zimbabwe’s leading brick makers, Willdale Limited, which is listed in the Zimbabwe Stock Exchange (ZSE), says it has commenced negotiations for the disposal of certain idle assets to raise funding for capital expenditure programmes.
The Company is engaged in making and selling clay bricks and their products include common bricks, face bricks, semi-faced bricks, and paving bricks.
In a cautionary statement, Willdale Limited company secretary, Mr Mavuto Munginga said they have commenced negotiations for the disposal of certain idle assets.
“The directors would like to advise shareholders and the general public that the company has commenced negotiations for the disposal of certain idle assets. The transaction, if successful, will raise funds for capital expenditure and could have a material effect on the business and the share price,” he said.
“Shareholders are therefore advised to exercise caution and to seek professional advice when dealing in the company’s shares. Shareholders shall be updated of the outcome of the aforesaid negotiations in due course.”
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.
The 190,1 hectares of idle land formed part of Swanwick of Teneriffe of Kinavarra and the land is located in Mount Hampden adjacent to the land currently being utilised by the Company.