PPC Zimbabwe, Zim land buyer agree to extend closing date to Feb 202
JSE-listed cement and related products company PPC's subsidiary PPC Zimbabwe and Zimbabwean property development company Transvaal Africa, which will buy PPC Zimbabwe's vacant Arlington property, have agreed to consolidate all the milestone events required for the transaction to close by February 27.
Transvaal Africa will buy the 418 ha Arlington property for $30-million and PPC Zimbabwe recognised the Arlington property as a government grant at a nominal value of R37-million.
PPC Zimbabwe acquired the property in 1990. It is zoned for residential, industrial and commercial activities. The government of Zimbabwe expropriated the property in 2010. It received the title deed to the Arlington property in December 2024.
The Arlington property does not contain any limestone deposits and PPC Zimbabwe has no commercial use for it in its core cement producing business.
Meanwhile, Transvaal Africa has also agreed to buy all of its cement requirements for any developments or infrastructure on the Arlington property exclusively from PPC Zimbabwe.
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