GB seeks additional working capital

GENERAL Beltings Holdings (GB) says it deferred paying out a dividend for the half-year to June 30, 2022, opting to consolidate funds to oil its capitalisation plans as the firm urgently needs working capital.
This comes as the firm took a heavy battering from the Covid-19 pandemic in the prior period, which affected demand for its products in key markets. At the same time, parallel exchange rate instability fuelled a rise in operating costs.

In a statement accompanying half-year results that ended June 30, 2022 group chairman Godfrey Nhemachema said the board had agreed on scrapping the di