Zimbabwe: PPC Hit Hard By Foreign Currency Crisis

PPC Zimbabwe Ltd is stuck with R896 million (US$64,2 million) due to its parent company after the local company failed to remit rights issue proceeds and other amounts due to the Johannesburg Stock Exchange-listed construction materials manufacturing group.

In its interim financial results for the six months to September 30 2018, PPC group CE Johan Claassen said the amounts split as R510 million (U$36,5 million) in September 2017 and R466 million (US$33,4 million) in March 2018 were classified as cash and cash equivalents after the group failed to access the funds due to restrictive laws on transfers.

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