PPC considers R1.25bn rights issue to refinance operations
The 128-year-old business is struggling to manage a slump in demand for cement
12 August 2020 - 20:04
PPC, SA’s biggest cement maker, is considering a rights issue of about R1.25bn to refinance both its domestic and international operations, according to people familiar with the matter.
The Johannesburg-based company owes lenders including FirstRand’s Rand Merchant Bank, Nedbank and Standard Bank a combined R750m by the end of March, said the people, who asked not to be identified as the plans are private. The balance of the funding effort will go towards PPC’s other units across Sub-Saharan Africa, they said...
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