Bulisa Mbano Appointed Corporate Rescue Practition...

Bulisa Mbano Appointed Corporate Rescue Practitioner for Khayah Cement

Oscar J Jeke

Zim Now Reporter

Grant Thornton Zimbabwe’s Bulisa Mbano has been appointed as the Corporate Rescue Practitioner for Khayah Cement Limited, effective December 30, 2024, in accordance with the Insolvency Act [Chapter 6:07].

With this appointment, all legal proceedings against Khayah Cement are suspended unless expressly authorized by Mbano. This includes enforcement actions related to the company’s assets and debts.

“During the Corporate Rescue proceedings, no legal proceeding, including enforcement action, against the Company, or in relation to any property belonging to the Company, or lawfully in its possession, may commence or proceed except with the authority of the Corporate Rescue Practitioner,” reads the statement.

The first meeting of creditors and members is set for February 19, 2025, at Chapman Golf Club in Harare, where stakeholders will be briefed on the rescue process. Creditors will have an opportunity to submit proof of claims, while Mbano is expected to outline potential strategies to revive the company.

"If you are owed money by the Company for any reason whatsoever, you are required to complete an affidavit confirming your claim and submit it before the meeting or at the meeting. Copies of the affidavit form can be collected from the offices of the High Court or from our website. Copies will not be provided at the meeting,” the statement adds.

The Master of the High Court will oversee the process to determine whether Khayah Cement has reasonable prospects for recovery. If successful, the restructuring could prevent liquidation, allowing the company to resume normal operations under a revised financial and operational strategy.

Khayah Cement, formerly known as Lafarge Cement, was placed under corporate rescue due to persistent challenges, including rising production costs, foreign currency shortages, and increased competition in the cement industry.