Listed on the AltX in August 2007, Brikor, which entered into provisional liquidation in August 2013, said that had worked in its favour and "was a very successful process for the business".
"We have been through extremely tough times since 2008," said acting CEO Garnett Parkin Jnr. "However, the business ... is now in better shape than before the provisional liquidation," he said.
The share price had gone from R1 at listing to 9c when the provisional liquidation began and the share was suspended. The stock will be reinstated after the JSE approves the publication of its financial results.
Parkin said the provisional liquidation process had saved the jobs of more than 1,000 workers, and also jobs at associated businesses, and had created at least 250 jobs.
"Production has increased and creditors have been settled," Parkin said.
Brikor financial director Hanleu Botha said that as part of the company's restructuring in 2011 and before the liquidation process began, it had to sell assets in Bronkhorstspruit, Vereeniging, Olifantsfontein and Stanger in KwaZulu-Natal to meet its obligations to financiers. She said the company had owed creditors about R130m.
She said the JSE now had to approve Brikor's results for the financial years 2013-2014 and this year before it could resume trading.
Brikor's woes began after it concluded two acquisitions in 2008, the year global markets collapsed. At the time, it had labour problems fomented by two small competing trade unions in the brick-making sector, and this had resulted in a protracted strike.
Insolvency practitioner Westrust's Allan Pellow said on Monday that a decision was made early on to continue with Brikor's trading operations - which would be self-funding - as no further advances would be made from the financial institution that funded it.
Parkin said the successful outcome was based on the efforts of all stakeholders - creditors; the National Union of Metalworkers of SA and the Association of Mineworkers and Construction Union; management, other employees, customers and suppliers.
"The outcome has seen an improvement in the conditions for employees and the workforce is stable and productive. We also reached agreement and settled Brikor's financier...," he said.
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