A planned US$30 million sale of surplus land owned by PPC Zimbabwe has collapsed after the buyer failed to complete payment by the agreed deadline, leaving the cement producer to restart efforts to dispose of one of its largest non-core assets.
In a notice to shareholders, PPC Limited said the agreement to sell the Arlington property in Harare through its 88 percent-owned subsidiary, PPC Zimbabwe Limited, has automatically lapsed after the purchaser failed to pay the agreed consideration by 30 June 2026.
The land was being sold to Transvaal Africa (Private) Limited under a disposal agreement first announced in August 2025.
PPC said the parties had previously agreed to extend the transaction deadline following administrative delays.
Related Stories
"In the further announcement published on 27 February 2026, shareholders were advised that various administrative matters had delayed the meeting of certain milestones and that PPC Zimbabwe and the Purchaser had agreed to extend the date by which all milestone events were required to be met to 30 June 2026."
However, the company confirmed the transaction ultimately failed because payment was not received before the expiry date.
"Shareholders are advised that payment by the Purchaser of the Disposal Consideration did not occur by 30 June 2026 and, accordingly, the Disposal Agreement has lapsed."
PPC added that the Arlington property remains available for sale.
"The Arlington Property remains a non-core asset and any other purchase offers PPC Zimbabwe may receive will be considered on their merits."
Leave Comments