Khayah Cement Limited Initiates Corporate Rescue P...

Khayah Cement Limited Initiates Corporate Rescue Proceedings

Audrey Galawu

Assistant Editor

Khayah Cement Limited, a prominent cement manufacturer operating since 1954, has formally commenced corporate rescue proceedings. This follows the adoption of a resolution on December 20, 2024, in terms of the Insolvency Act [Chapter 6:07].

In a notice to stakeholders, the company stated:

"Khayah Cement Limited ('the Company') adopted a resolution to place the Company under corporate rescue in terms of the Insolvency Act [Chapter 6:07]. Such resolution took effect on the 20th of December 2024 and was duly filed with the Master of the High Court and the Registrar of Companies and other Business Entities."

The move seeks to address ongoing financial and operational challenges under the guidance of corporate rescue practitioner Mr. Bulisa Phillimon Mbau of Grant Thornton Zimbabwe Chartered Accountants. The notice further highlighted:

"Mr. Bulisa Phillimon Mbau of Grant Thornton (Zimbabwe) Chartered Accountants was appointed as the Corporate Rescue Practitioner."

The company assured stakeholders of transparency throughout the process:

"Creditors and other stakeholders shall be notified of further processes by the Corporate Rescue Practitioner."

Represented by ChimukaMafunga Commercial Attorneys, Khayah Cement remains committed to maintaining quality and continuity while addressing the circumstances leading to this decision.

The board has provided a sworn statement detailing the background to the adoption of the resolution, signifying a proactive approach to safeguarding the company’s future.

This development reflects the broader challenges faced by Zimbabwe’s manufacturing sector, and all eyes are on the corporate rescue process to determine its outcome.