Brikor, the financially distressed AltX-listed manufacturer and supplier of building and construction materials, has agreed to the sale of two properties it owns in Vereeniging to National Ceramics Industries for a total of R11 million. The company said on Friday the sale of the properties was in line with its strategy to dispose of non-core operations to strengthen the group’s cash resources and improve its current gearing ratio. The proceeds from the disposal will be used to reduce debt. The sale of the properties follows a decision taken by Brikor’s board in October last year to dispose of its Vereeniging operations after they were identified as non-essential to the group’s main business. Brikor shares were untraded at 7c on Friday. – Roy Cokayne
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