WG Wearne agrees to sell 50% stake in drilling and blasting JV
Construction materials supplier WG Wearne has entered into an agreement to sell its 50% interest in Wearne Drilling & Blasting (D&B) to joint venture partner AC van Heerden for R4.7-million, with effect from March 1.
Van Heerden is a board member of Wearne D&B.
The disposal formed part of WG Wearne’s discarding of its noncore business activities in an effort to achieve profitability and reduce its debt and working capital requirements, after suffering financial losses in the past financial years.
The company stated that this would allow it to place more focus on its core business activities of supplying building materials to the construction industry.
WG Wearne would use the purchase price to settle its amount owing with Wearne D&B.
The disposal was subject to the fulfilment by no later than March 31, of the condition that the purchaser procures the release of Wearne from all the suretyships provided by Wearne for the obligations of Wearne D&B to the banks and third parties.
Van Heerden has entered into a restraint of trade with WG Wearne for a twelve-month period.
WG Wearne indicated that the financial effects of the disposal would be announced in due course.
Meanwhile, Wearne D&B directors SJ Wearne and JJ Bierman have resigned with effect February 28.
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