Brikor entered into a sale of shares agreement on 27 November 2015 to acquire the remaining 69% of Ilangabi Investments 12 (Pty) Ltd from the Late Estate of Garnett van Niekerk Parkin for a purchase price of R20 000 000.
The mining right owned by Ilangabi comprises of a portion of the remainder of the farm Vlakfontein 281 IR, situated in Gauteng Magisterial/administrative District of NIGEL, measuring 84.7579 hectares in extent. The coal mined at Ilangabi is sold to various traders and local buyers. Certain of the coal mined as well as the clay extracted during the operations are used in Brikor’s brick manufacturing. The acquisition of Ilangabi will enable Brikor to effectively own 100% of the coal and clay reserves owned by Ilangabi.
Mr Garnett Parkin (jr) has been appointed as Chief Executive Officer of Brikor having acted as Interim CEO since 20 January 2015.
The company appointed Ms Limpho Hani, Mr AP van der Merwe and Mr Peter Moyanga as independent non-executive directors on the 2 November 2015. Ms Ina McDonald was appointed Chairperson of the board.
On 2 October 2015, the Kwa-Zulu Natal High Court discharged the provisional liquidation order, as well as the order for the perfection of the notarial bond. The trading in the shares of the Company on the JSE Limited remain suspended.