PPC subsidiary to dispose of Zimbabwe property for $30m
JSE-listed PPC has, through its 88%-held subsidiary PPC Zimbabwe (PPCZ), concluded an agreement for the disposal of vacant immovable property situated in the District of Salisbury, Zimbabwe, known as the Arlington Estate, to a privately held Zimbabwean company for a cash consideration of $30-million.
The buyer is a property development company with project execution expertise and is not a related party of PPC, the company points out.
PPCZ acquired the Arlington property in 1990. It is zoned for residential, industrial and commercial activities.
PPCZ formally received the title deed to the property, which comprises about 418 ha of land, in December 2024, following expropriation attempts and negotiations.
The property does not contain any limestone deposits and PPCZ has no commercial use for this in its core cement-producing business.
Consequently, PPCZ conducted a comprehensive process to dispose of the property at fair value.
The disposal consideration is payable in US dollars and the use of the proceeds, when received, will be considered by PPC in terms of its capital allocation model and its optimal gearing levels.
There are no conditions precedent to the disposal. However, there are several milestone events that need to be met within defined timeframes, failing which the disposal agreement shall automatically lapse and become null and void with no further force or effect.
In its audited annual financial statements for the year ended March 31, PPCZ recognised the property as a government grant at a nominal value of R37-million.
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