PPC does not need to raise cash from shareholders, chair Peter Nelson assures
PPC is well capitalised for the foreseeable future and does not need to raise cash from shareholders for a second time, even as a project in the Democratic Republic of Congo (DRC) proves slow to get off the ground. SA’s biggest cement maker "remains adequately capitalised in the medium term and, notwithstanding the slow start-up of the greenfield project in the DRC, a further rights issue will not be necessary," chairperson Peter Nelson said in e-mailed comments on Tuesday. "Our capital structure and short-term debt levels continue to receive our attention." The shares traded 7.3% higher at R4.70 as of 4.08pm in Johannesburg, the highest since August 7. Earlier they climbed as much as 8%.
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