BRICKMAKER Willdale expects to pocket US$16,6 million before costs from the sale of unutilized pieces of land with proceeds to be channelled towards increasing capacity and subsequently profitability.
This follows approval from shareholders at an extraordinary general meeting held this week to allow for the proposed resolutions to unlock value from unused pieces of land. The brickmaker intends to purchase a new US$3 million machine that is all-weather friendly.
The current one dries bricks in the sun, meaning it must shut down for three months every year, during the peak rainy season from December to February.
The local brick manufacturing industry is benefiting from the ongoing construction boom after recording a surge in demand driven by the government’s infra structure and national housing projects.