Roy Cokayne
3 minute read
10 Dec 2020
9:18 am

PPC benefits from recovery

Roy Cokayne

Group’s focus now on resolving the unsustainable R2.2 billion debt of its DRC subsidiary.

Going back to basics and successfully cutting costs has paid off for PPC. Image: Moneyweb

JSE-listed cement and lime producer PPC will only proceed “as a last resort” with its proposed rights issue to raise between R750 million and R1.25 billion to strengthen the group’s financial position. This follows the group reporting a strong rebound in its financial performance in the six months to end-September. The group stressed in October that it will only embark on a rights issue once it has resolved and restructured the unsustainable $150 million (R2.2 billion) debt of its DRC subsidiary. PPC CEO Roland van Wijnen said the group’s focus now is purely on the DRC and resolving that part...