12 August 2020 - 20:04PPC, 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 128-year-old business was struggling to manage a slump in demand for cement in SA and an inflow of cheaper Chinese imports even before government efforts to contain the coronavirus outbreak hampered building projects. While President Cyril Ramaphosa has identified privately funded infrastructure projects as key to an economic revival, the plan is at an early stage and is unlikely to affect PPC’s looming debt deadlines.
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