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ABK
ABK
ABK - African Brick Centre Limited - Progress report
AFRICAN BRICK CENTRE LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1999/006214/06)
Share code: ABK ISIN: ZAE000105169
("African Brick Centre" or "the company")
Progress report
The following progress report, dealing with noteworthy events that have taken
place since the listing of African Brick Centre Ltd ("ABK") on the Alternative
Exchange of the JSE on Monday, 8 October 2007, is issued as an update to
shareholders and the investment market in general:
1. ABK acquired the business of Pentz Bricks in the Eastern Cape with
effect from 1 October 2007. Pentz Bricks is a 45 year old established
business in the Port Elizabeth area and is expected to manufacture 24
million plaster bricks for the financial year ending 28 February 2009.
Pentz Bricks will benefit by the introduction of capital and technical
expertise of ABK. The effect of the Pentz Bricks acquisition is
immaterial to ABK`s results for the financial year ending 28 February
2008, with the full benefit only being reflected in the 2009 financial
year.
2. ABK secured the exclusive distribution rights throughout South Africa
to a paving and landscaping product range, marketed under the
Betastone brand name. The brand was successfully introduced to the
market during the last quarter of 2007. The full benefit of the
distribution contract will only be reflected in ABK`s 2009 financial
year.
3. ABK acquired a 51% equity stake in DASH (Pty) Ltd ("DASH"), with
effect from 1 October 2007. The acquisition is subject to competition
commission approval. DASH is a well established retail operation on
the West Rand (Gauteng) and will enhance ABK`s retail operations. The
effect of the DASH acquisition is immaterial to ABK`s results for the
financial year ending 28 February 2008, with the potential benefit
only being reflected in the 2009 financial year.
4. The Board of Directors have decided to defer construction on the
Zuurbekom manufacturing facility (with a projected 40 million brick
per year capacity) until clarity is obtained on the stability of
electricity supply from Eskom. Pentz Bricks will assist ABK in
achieving the budgeted growth in volume turnover for the 2009 forecast
as published in the company`s prospectus dated 2 October 2007.
Johannesburg
25 February 2008
Designated Adviser
PSG Capital (Pty) Ltd
Date: 25/02/2008 16:31:01 Produced by the JSE SENS Department.
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