Brick- making company, Willdale is set to develop 178.2 hectares (ha) of idle land in Mt Hampden area into residential, commercial and industrial stands following shareholders’ approval.
The company wants to first develop the land and sell stands to fetch more money from the land.
Willdale expects to earn US$16.6 million from all the stands, before costs as opposed to selling the land directly which has an estimated valued of US$2.95 million.
All the proposed resolutions were passed at the Extra-ordinary general meeting held this Tuesday.
The company will enter into a development Agreement with Zusammen (Private) Limited for the development of approximately 123.6 hectares of undeveloped land that is currently owned by the Company, into residential, commercial and industrial stands for sale .
It will obtain a subdivision permit for certain pieces of land collectively known as Kinvarra that is currently owned by the Company and to enter into a Development Agreement with Melrose Construction (Private) Limited for the development of approximately 42 hectares of land into residential, commercial and industrial stands for sale.
Ot will also see the development of approximately 12.6 hectares of undeveloped land in Christmas Gift, Gweru in which the Company currently holds a beneficial interest, into residential, commercial and industrial stands for sale.
The company anticipates revenue from the sale of idle land to assist in increasing capacity for its core business interests.
It plans to acquire and install a plant with rotary kiln and dryer to enhance production capacity.
This should ensure that disruption of brick production is a thing of the past during the wet season when the company would normally shut operations.
In 2017. The company sold part of its land in a US$ 11 million deal which it used to services its debts.
