Lobatse Clay Works grinds to a halt after failed P60m deal :: Mmegi Online

Lobatse Clay Works, one of the border town's economic mainstays, has suspended operations, with workers unpaid for April, as an expected P60 million equity injection continues entangled in disputes at the highest judicial levels.

Lobatse Clay Works, which has a workforce estimated at 500, was due for a P60 million cash injection by the Botswana Opportunities Partnership Fund (BOP) which would have taken up 80% equity in the 26-year-old company. The iconic firm, which is wholly-owned by the Botswana Development Corporation (BDC), has been in financial stress for several years and the BOP was seen as a timely investment.

The Fund, established by Capital Management Botswana (CMB) and funded by the Botswana Public Officers Pension Fund (BPOPF), is the subject of a hostile battle between the two former partners which now awaits a Court of Appeal decision in June.

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Lobatse Clay Works grinds to a halt after failed P60m deal

Lobatse Clay Works, one of the border town's economic mainstays, has suspended operations, with workers unpaid for April, as an expected P60 million equity injection continues entangled in disputes at the highest judicial levels.

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