WG Wearne is selling its Brandvlei sand quarry to Elcu Pumps. The assets and business of Brandvlei include the mining rights and property
WG Wearne will sell a 60% stake in its noncore Brandvlei sand quarry and ancillary business for $500,000 (R7m).
Upon completion, the Brandvlei asset will be 40% owned by WG Wearne and 60% by Dennis Human and other investors, including a staff member of WG Wearne’s designated adviser Exchange Sponsors, under a contract mining agreement.
Wearne will then enter a supply agreement in terms of which the buyer will supply the total requirement of plaster sand to some of WG Wearne’s ready-mix plants.
WG Wearne will use the proceeds to reduce debt and improve the liquidity position of the group in general. ?
Region
