Online Reporter
Nqobile Bhebhe [email protected]
Cement manufacturer PPC Zimbabwe has effectively placed its vast Arlington property back on the market after a proposed US$30 million sale collapsed when the prospective buyer failed to make payment by the agreed deadline.
In an update issued on Wednesday, PPC Ltd said the disposal agreement involving its 88 percent-owned subsidiary, PPC Zimbabwe (PPCZ), and Transvaal Africa (Private) Limited had lapsed after the purchaser did not settle the purchase consideration by June 30, 2026.
The Arlington property, which PPC has classified as a non-core asset, was earmarked for disposal under an agreement announced in August 2025.
PPC said shareholders had previously been advised that the company, through PPCZ, had concluded a disposal agreement relating to the sale of the Arlington property to Transvaal Africa for a cash consideration of US$30 million.
The transaction, however, encountered delays linked to administrative processes.
“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 PPCZ 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,” said PPC.
The company confirmed that the purchaser failed to honour the payment obligation within the stipulated timeframe.
“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.
The collapse of the transaction means PPC retains ownership of the strategically located Arlington property and is now open to considering fresh offers.
“The Arlington Property remains a non-core asset and any other purchase offers PPCZ may receive will be considered on their merits,” the company said.
The development reopens the possibility of a new investor acquiring the property, which is regarded as one of the significant land holdings in the Arlington area near Harare.
PPC has been pursuing the disposal of non-core assets as part of efforts to optimise its asset portfolio and strengthen its balance sheet.
