Three residential properties belonging to Astek Industries, pioneer fruit juice manufacturers known for their Refresh brand and Insu mineral water were last week, auctioned to offset the company’s indebtedness to Merchant Bank.

The properties at Nos 7, 9 and 22, 4th Circular Close, Cantonments, Accra were sold between ?2.1 and ?2.3 billion each.

According to sources, the company’s indebtedness to the bank had reached ?14 billion and the bank had no option than to auction the properties to raise about ?6.5 billion.

Astek has been battling some financial problems leading to the closure of the factory about a year ago. Its mineral water brand has disappeared on the shelves and the fruit juice, until recently also disappeared from the shelves.