MARC HASENFUSS: Sephaku worth a second glance?
Sephaku’s dogged determination to build a viable long-term niche should perhaps not be ignored
We all know that trading conditions in the cement industry are, at best, brittle. Still, I was intrigued to see Sephaku pursuing a rights issue of R37.5m, at 81c a share.
This seems a paltry sum to raise, especially in relation to the group’s debt and when the share price has crumbled more than 50% over a year. Last stated NAV was 518c a share.