Willdale lists $3,2m preference shares

HARARE - Listed bricks manufacturer Willdale Limited yesterday listed its preference shares on the Zimbabwe Stock Exchange.

The company recently raised $3,2 million in a rights offer which saw 10 percent semi-annual redeemable cumulative preference shares being snapped up at a subscription price of a $1,00 each.

Willdale sought capital to restructure its balance sheet and finance the acquisition of equipment to consolidate its brick manufacturing operations.

Old Mutual Life Assurance Company Zimbabwe underwrote the rights issue.

The recapitalisation is expected to boost production, which,
according to the company has been “curtailed, by worn out plant and equipment and the unavailability of requisite machinery”.

As at September 2013, the company was indebted to the tune of $6,65 million.

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