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Martin Kadzere Senior Business Reporter
Apex Corporation Limited’s liquidation process suffered a setback after there were no bidders for its commercial properties at an auction held in Harare last week Friday.

The former Zimbabwe Stock Exchange company is under liquidation and the disposal of the properties was meant to raise part of the funds needed to settle the company’s $11 million debt.

The company has 11 buildings which are being sold to raise money to settle the debts.

It was estimated that the company would raise about $9 million from the sale of the properties. But at last week’s auction there were no bidders for five of its properties on sale.

The properties include Apex head office and an industrial property in Harare, Supersonic building, William Smith & Gourock and All Metals Founders, all in Bulawayo, and an industrial property in Gweru. The auction was conducted by Hammer and Tongue on behalf of Grant and Thornton and Camelsa, the liquidators of the company.

Apex, established in 1961, was placed under liquidation in February last year after failing to attract new investment while under judicial management in 2013. It was also suspended from the ZSE the same year and subsequently for breaching listing rules.

The prevailing liquidity constraints are negatively affecting property prices and this may affect the company’s ability to raise reasonable funds from the disposal of the properties.

Apex had four divisions: heavy manufacturing, light manufacturing, communications, and foundries.

The heavy manufacturing division was involved in hot-dip galvanising and metal fabricating. It also supplied local and imported steel to Government departments, agricultural, mining, engineering, manufacturing and construction industries.

The division was also involved in design, engineering, and fabrication of railway rolling stock, road tankers and trailers, large bore steel pipes, modular steel tanks, pressure vessels, bulk fuel tanks and air receivers.

Products which were manufactured by the light division included fibreglass and cultured marble sanitary ware, industrial storage tanks, translucent roofing, heavy and light vehicle components, vehicle accessories, and customised fibreglass fabrication among others.

The communications division offered printing work ranging from prestige brochures, annual reports, leaflets, and labels to letterheads while Apex’s Foundries Division was involved in brake drums, wheel hubs, half shafts, and gearbox gears.