Harare, 21 August 2025 – PPC Ltd, through its 88% owned subsidiary PPC Zimbabwe Ltd (PPCZ), has concluded the sale of the Arlington Estate in the Salisbury district of Zimbabwe for US$30 million. The transaction was signed on 20 August 2025 with a privately held Zimbabwean property development company, which is not related to PPC.
The Arlington Estate, covering 418 hectares of land zoned for residential, industrial, and commercial use, was acquired by PPCZ in 1990. The property faced multiple state expropriation attempts, culminating in a compulsory acquisition by the Government of Zimbabwe in 2010. PPCZ formally received the title deed in December 2024 following extensive negotiations with government ministries and the Office of the President.
PPCZ confirmed that the Arlington Estate contains no limestone deposits and holds no strategic commercial value for its core cement business. The sale proceeds, payable in US dollars, will be allocated according to PPC’s capital allocation model and gearing strategy.
The disposal agreement stipulates milestone events, including Reserve Bank of Zimbabwe approval to declare a special dividend, payment of the disposal consideration plus VAT to PPCZ’s appointed conveyancer within 60 days, and registration of the property transfer within 90 days.
As part of the agreement, the purchaser will source all cement requirements for developments on the Arlington Estate exclusively from PPCZ, effective from the date of transfer.
In its audited financial statements for the year ended 31 March 2025, PPCZ recognized the Arlington Estate as a government grant at a nominal value of R37 million. The transaction is classified as a Category 2 transaction under JSE Listings Requirements and does not require shareholder approval.
Questco Corporate Advisory acted as PPC’s sponsor for the transaction.
