PPC rights issue ‘almost off the table’ as debt pile shrinks
With no big expansions planned, the group generates enough cash to avoid tapping shareholders
PPC says a lender-compelled rights issue is almost off the table, having now successfully completed the R515m sale of its lime business, while cement sales have increased to above prepandemic levels.
SA’s biggest cement maker is now “largely done” with a restructuring process aimed at bringing debt to sustainable levels, CEO Roland van Wijnen said on Tuesday. With no major expansion plans in the offing, the group is now sufficiently cash-generative to avoid tapping shareholders altogether, he said...