Zimbabwe Stock Exchange listed brickmaker Willdale Limited has issued a cautionary statement notifying shareholders and the investing public of developments that may materially affect the company’s operations and share price, following the recovery of a large piece of land in Mt. Hampden.
The company announced that it has successfully regained vacant possession of 123.6314 hectares of land, with the assistance of law-enforcement authorities. The land had been "unlawfully" occupied by third parties.
"The Company, with the support of the relevant law-enforcement authorities, has successfully regained vacant possession of its land measuring 123.6314 hectares, situated in Mt. Hampden, which had previously been unlawfully occupied by third parties," the company stated.
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However, the eviction has left a humanitarian crisis on the ground. At least 7,000 people who were living on the property were forcibly removed last week and remain stranded by the roadside nearly a week later.
Families, including young children, have no access to water, toilets, or shelter, leaving them exposed to rain, harsh conditions, and extreme uncertainty about their future.
Willdale said that, following the recovery of the land, vacant possession has since been granted to an appointed contractor to begin developing an industrial commercial park on the site.
The company added that the start of on-site works and the planned disposal of industrial stands is expected to broaden its revenue base and may have a positive effect on its share price. The anticipated revenue is also expected to strengthen its capacity to improve operational efficiencies and invest in new technologies.
In its cautionary statement, Willdale urged shareholders, stakeholders, and the public to exercise caution when dealing in its shares until further updates are issued.
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