The proposed sale of PPC Zimbabwe’s Arlington property in Harare to Transvaal Africa (Private) Limited for US$30 million has collapsed after the buyer failed to make the payment by the extended June 30 deadline.
“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,” said PPC Limited, 88 percent shareholder in PPC Zimbabwe.
“The Arlington property remains a noncore asset and any other purchase offers PPC Zimbabwe may receive will be considered on their merits,” the cement giant added.
Shareholders had been 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, failing which the disposal agreement would automatically lapse and become null and void”.
The asset disposal – initially set to be complete by February 2026 – is part of PPC Zimbabwe’s strategy to unlock value from non-core assets, strengthen its balance sheet, and possibly repatriate proceeds to its South Africa-based parent, PPC Limited.