The transaction, which was consummated in 2015 involved a land for debt swap deal which saw
The liabilities entailed
However, as a result of shareholder disputes at agro-focused CFI, Willoughby's Investments together with other shareholders controlling about 60 percent of CFI supported the reversal of the transaction.
"The legal proceedings remain pending before the relevant tribunals. The market will be updated with further progress in due course,"
Willoughby Investments in 2017 requested an emergency general meeting (EGM) to reconsider the resolutions that approved the Langford transaction in 2015.
They noted that in the event the resolutions were not passed, a further special resolution would give directors authority to take action to cancel the disposal of an 81 percent share of
Subsequent to the EGM, CFI would own 100 percent of
Fidelity intended to construct about 11 500 high density residential stands at Langford with an estimated market value of
The insurer believed that the acquisition of Langford Estate would strengthen its balance sheet and give it capacity to underwrite more business.
In addition to that, the project was expected to realise more than
Fidelity targeted to get at least 11 264 residential stands out of the land, and be a successor to the
However,
Willoughbys Investments has since lodged an appeal of the judgement in the
Meanwhile, the CFI's financials show that historical revenues for the year increased by 308 percent, from
The group registered an average 80 percent increase in volumes sold in most of its key product lines.
Retail Operations contributed 91,4 percent whilst milling operations (
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