Brikor issues cautionary on sale of property
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.