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Brikor issues cautionary on sale of property

27 Aug 2012 13:00Submit a commentBizLike
Listed supplier and manufacturer of building materials‚ Brikor Limited‚ said in a cautionary announcement that it intended selling some of its Bronkhorstspruit properties for R10 million to Marius van Wyk‚ as part of a restructuring process.
Brikor is a manufacturer and supplier of building and construction materials and has clay‚ aggregate and coal mining operations.

The company recently entered into a restructuring programme to restore operations to profitability and wanted to regaining focus on core operations‚ it said.

"The sale of the property is in line with Brikor's strategy to dispose of non-core operations to strengthen the group's cash resources as well as improving its current debt burden. The proceeds from the disposal will be utilised to reduce debt‚" it said.

"The transaction is categorised‚ in terms of the JSE's listings requirements‚ as a Category 2 transaction and does not require shareholders' approval‚" Brikor said.

SOURCE

I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
 
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