Building materials company WG Wearne expects to soon complete its restructuring plan, which will enable it to publish its outstanding financial statements for the 2018, 2019, 2020 and 2021 financial years and apply to the JSE for the lifting of its suspension.
As part of the restructuring plan, WG Wearne has downscaled its ready-mix business with the closure of a number of plants.
Wearne also sold its loss-making Muldersdrift business to Drift Supersand, which forms part of CIG Limited, a listed company on the JSE, for R9-million.
The proceeds of the Muldersdrift sale were used to settle a portion of its debt with Absa. The company has entered into a settlement agreement with Absa for the balance of the debt.
The company also entered into a settlement and restructure agreement with the Industrial Development Corporation of South Africa in April this year and is pursuing the disposal of the Muldersdrift property and mining right.
Once the Muldersdrift property disposal has been completed and funds received, the restructuring plan will be completed.
Additionally, Wearne appointed Norman Janse van Rensburg as its CFO from February this year, and one of his priorities has been to assist with the process of finalising the outstanding financial information.
HLB CMA South Africa Inc were appointed as auditors in September to complete the audit of the outstanding financial information and Wearne now expects to release its audited outstanding financial information by February 28, 2022.