PPC Zimbabwe has acknowledged the receipt of US$11.2m under a legacy debts repayment facility.
The company had accrued a US$21m debt due to cash flows generated in the country by foreign entities that could not be repatriated to foreign suppliers due to foreign exchange shortages. However, the cement producer’s debt repayments were boosted by a 2019 move from Reserve Bank of Zimbabwe to assume legacy foreign debts.
The company has also announced that it expects to conclude repayments of its legacy debt in the upcoming financial year.
"The Reserve Bank of Zimbabwe continues to honour its obligation to settle PPC Zimbabwe's debt from legacy funds with a further US$11.2m paid during FY21. Management expects the debt to be fully repaid during the FY22 year," said Roland van Wijnen.
