By Business Correspondent| Khayah Cement Limited has filed for corporate rescue amid operational difficulties, primarily attributed to the impact of economic sanctions that have restricted the company’s access to vital raw materials and competitive borrowing opportunities.

Adding to the strain is the influx of imported cement from Zambia, which has intensified competition in the local market, leaving Khayah Cement struggling to maintain its foothold.

Khaya Cement is a subsidiary of Fossil Holdings which is one of the two companies that have been hit by economic sanctions.

In a cautionary statement, Khayah Cement Limited said the move to file for corporate rescue
followed a resolution adopted by the company’s board on December 20, 2024.

As part of the corporate rescue process, Bulisa Mbano of Grant Thornton (Zimbabwe) Chartered Accountants has been appointed as the Corporate Rescue Practitioner tasked with overseeing the company’s restructuring efforts.

Khayah Cement formerly Lafarge is a key player in Zimbabwe’s construction industry since 1954 when it began operating in the country.