BOARD APPOINTMENT
Bheki Mthembu to lead PPC unit in Rwanda
The former GM of PPC Cement’s Hercules and Jupiter operations in Gauteng, Bheki Mthembu, has been appointed CEO of Cimerwa, PPC’s Rwandan partner. The appointment, announced on Tuesday, comes as PPC readies for an eventful 2017 after a troubled 2016. PPC’s share price almost halved in 2016 after it raised R4bn in a rights offer to service debt. But in 2017, PPC plans to start production at plants in the Democratic Republic of the Congo and Ethiopia to establish it in sub-Saharan Africa. "PPC’s African operations are dealing with near-term macro headwinds across the region. "Cement prices are under pressure due to overcapacity and demand weakness, especially in regions that rely heavily on hard commodities," said Gareth Visser, cement and construction analyst at Avior Capital Markets. The region needed substantial infrastructure investment due to a growing urban population, which underpinned long-term growth fundamentals for the region, Visser said. He said recent personnel movements...
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