Business Reporter
REGIONAL cement manufacturer PPC Limited has announced that its 88 percent-owned local unit, PPC Zimbabwe, has sold its 418-hectare Arlington Estate in Harare for US$27 million.
The transaction yielded net proceeds of US$21.4 million after accounting for transaction costs and applicable taxes.
Following the completion of the sale, PPC Zimbabwe declared and distributed a dividend of US$21.4 million. PPC Limited’s 88 per cent share of the dividend, after deducting applicable taxes, amounted to US$17.9 million (approximately R296.4 million).
Explaining the rationale behind the transaction, the company noted that the vacant property contains no limestone deposits and holds no utility for PPC Zimbabwe’s core cement manufacturing operations, making the disposal beneficial for the group’s strategic positioning.
The buyer was identified as an unrelated, privately held Zimbabwean company associated with local property holdings.
PPC added that the disposal fell below the Category 2 threshold under the Johannesburg Stock Exchange (JSE) Listings Requirements, with the announcement provided solely for informational purposes.
