Brikor South Africa Plummets 31% After Court Liquidation Order
Brikor Ltd. (BIK), a South African brickmaker, dropped 31 percent before trading in its shares was suspended after the High Court in KwaZulu-Natal province ordered its provisional liquidation.
Brikor’s request to halt trading in its stock was approved by the Johannesburg Stock Exchange, according to a statement today. It fell to 9 rand with volume at 4.5 times the three-month daily average before the statement, issued at about 1:30 p.m. local time.
FirstRand Ltd. (FSR) filed an application for the liquidation of Brikor’s assets on July 12, which was heard yesterday, according to an earlier stock exchange statement today. In 2011, Brikor started a restructuring plan at FirstRand’s instruction, with assets being sold last year. Brikor and FirstRand are scheduled to return to the KwaZulu-Natal High court on Oct. 8.
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