Europe / Middle East / Africa
PPC to sell US$133m stake to black investors and Staff
Jul, 13 2012
(South Africa) -- Pretoria Portland Cement (PPC), South African cement manufacturer, is planning to sell a 6.5 per cent stake to its staff and black investors in a deal worth about US$133.4m.
The broad-based black economic empowerment (BBBEE) deal is the second in four years.
Paul Stuiver, CEO of PPC, said: “This transaction was structured for the benefit of those parties closest to our business. We were particularly keen for our 2400 South African employees to participate at a significant level and this transaction will result in them owning approximately 7% of the PPC group.”
The deal would take shareholding by black investors in its South African operations to 26 per cent and enable it meet the rules set out by the government. The company plans to cancel its 20 million treasury shares to counter the dilutive effect of the new 39.3 million shares to be issued for the transaction.
The company's 2400 South African employees will be issued 68 per cent of the new shares. The remaining shares will be distributed among the existing and new women groups.
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