Brikor announces lifted JSE suspension

JSE-listed building and construction manufacturer and supplier Brikor Limited has advised that the JSE has approved the lifting of the company’s suspension.

Brikor was placed into provisional liquidation on the 30th
of July 2013 and the company’s trading shares on the JSE were suspended the
next day. However, Brikor came out of provisional liquidation in October 2015.

The company closed for level 5 lockdown until the end of
April 2020, with no production or sales.

We generated limited sales in May from essential
services customers. At the end of May we had sufficient stock to deliver our
current order book and the phased return to full production enabled us to
deliver on additional orders
” says Garnett Parkin, CEO of Brikor.

We are doing exceptionally well. Now we do not have
enough stock of bricks. If we could buy another brick factory tomorrow, we
would
” he says.

During lockdown, various initiatives were implemented to
preserve liquidity, such as reduced variable overhead costs and limited
spending only on critical fixed costs. This enabled Brikor to honour loan and
other commitments, Parkin explains. 

In April, Brikor began operating at reduced capacity and a
small number of employees returned to work, while it could operate at 50% from
1 May. The company followed a phased-in approach to start up production on 1
June, returning to full planned production at the beginning of July.

Group subsidiary Ilangabi Investments 12 (Pty) Ltd continued
with coal mining operations in Nigel during lockdown, as coal mining is
considered an essential service in the electricity supply chain.

According to Parkin, Brikor uses resources from the National
Department of Health (DoH), National Institute of Occupational Health (NIOH),
and National Institute for Communicable Diseases (NICD) to improve and expand
its protocols to ensure the wellbeing of employees and stakeholders during
Covid-19.

We phased in our people with a disaster management team
that includes a full-time doctor and nurses on site. We also ensure that our
Covid-19 contact-tracing process is done properly.”

Brikor is now seeking prospects and opportunities to expand
its local footprint.

Source: Propertywheel.co.za | https://propertywheel.co.za/2020/07/brikor-announces-lifted-jse-suspension/

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