Cement maker PPC weighs rights issue

Economic plan: Ramaphosa has identified privately funded infrastructure projects as key to an economic revival. — Reuters

CAPE TOWN: PPC Ltd, South Africa’s biggest cement maker, is considering a rights issue of about 1.25 billion rand (US$71.7mil) to refinance both its domestic and international operations, according to sources.

The Johannesburg-based company owes lenders including FirstRand Ltd’s Rand Merchant Bank (RMB), Nedbank Group Ltd and Standard Bank Group Ltd a combined 750 million rand by the end of March 2021, said the sources. The balance of the funding effort will go toward PPC’s other units across sub-Saharan Africa, including the Democratic Republic of Congo, they said.