JSE-listed cement and construction materials company PPC has advised its shareholders that it had not received the $30-million payment for the disposal of the Arlington Property, held by subsidiary PPC Zimbabwe, from the proposed buyer Transvaal Africa by June 30, and that the disposal agreement has therefore lapsed.
The Arlington Property remains a noncore asset and any other purchase offers PPC Zimbabwe may receive will be considered on their merits, the company says.
Various administrative matters had delayed the meeting of certain milestones and PPC Zimbabwe and the buyer had agreed to extend the date by which all milestone events were required to be met to June 30, failing which the disposal agreement would automatically lapse and become null and void, it notes.
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