Willdale seeks to dispose idle assets
LISTED brick making firm, Willdale Limited, has advised shareholders that negotiations for the disposal of certain idle assets to raise funding for capital expenditure programmes are still ongoing.
Recently, the company said it had commenced negotiations.
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.
“Shareholders and the general public are therefore advised to continue to exercise caution and to seek professional advice when dealing in the company’s shares.”
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 Company is engaged in making and selling clay bricks and their products include common bricks, face bricks, semi-faced bricks, and paving bricks.-chronicle.d.z
