Automotive component manufacturer Dorbyl on Monday advised that it had entered into an agreement to dispose of its properties in Struandale and Uitenhage, Port Elizabeth to Slip Knot Investments 777 for a combined total of R65 million.

The disposal consideration in respect of the Struandale property is R35 million, while its Uitenhage property is valued R30 million, the group said.

Dorbyl had earlier announced that the properties were considered surplus to the requirements of the group and would either be rented out or disposed of.

According to Dorbyl, in early in 2010, after taking into account the working capital requirements and other potential funding needs of the group, the board would give consideration to the declaration of a special dividend of surplus funds arising from the disposals.

Source: I-Net Bridge