Listed cement producer PPC Zimbabwe (whose parent firm is based in South Africa) has announced that it is looking to restructure its board, in a bid to strengthen it.
In a notice to shareholders, PPC said: “The company wishes to inform shareholders that it is in discussions with its largest shareholders with regard to aligning the composition of the board with its strategic priorities.
“Under the leadership of Peter Nelson, the PPC board of directors has successfully led the company through a period of significant headwinds. Having achieved a number of significant milestones and stabilised the business, the board has now turned its attention to the future ambitions of the Company.”
So far, PPC said it has received nominations for Jabu Moleketi as successor to the chairman; and Anthony Ball and Noluvuyo Mkhondo to non-executive directorships.
“All nominations will be evaluated and appointments announced in due course.
“All new board appointments will be confirmed by shareholders at the next annual general meeting,” said the company.
Last month the PPC group said sales from its Zimbabwe operations for the nine months to December 31 last year increased by between 30 to 40 percent.
PPC is a South African cement producing company with operations in several other countries on the continent including Rwanda, the DRC and Botswana.
In Zimbabwe, PPC operates three plants including the new $82 million plant in Harare, which was commissioned in August last year and produces 700 000 tonnes of cement.
The other two plants are in Bulawayo and Colleen Bawn near Gwanda, with combined annual production of 700 000 tonnes, bringing the total annual production of the company to 1,4 million tonnes of cement.