PPC rights offer oversubscribed
Shareholders of JSE-listed PPC subscribed for 920-million rights offer shares of its R4-billion rights offer.
In August, the company reported it would price its rights offer at a 55.5% discount as it fought for survival in the face of depressed domestic growth.
PPC aimed to sell one-billion shares at R4 each to its shareholders, well below the stock's closing price of R8.99 at the time.
The cement maker further reported that it received applications for 5.09-billion rights offer shares, equivalent to 509% of the total rights offer shares available for subscription, from holders of rights wishing to acquire rights offer shares in addition to their rights entitlements.
PPC CEO Darryll Castle said the success of the rights offer enabled the company to settle a large portion of its existing debt, placing it in a much stronger financial position.
“With liquidity concerns dealt with, we can focus all our efforts on the delivery of our expansion projects and business plans. This is to counter the impact of a continued low-growth environment locally and grow into a more robust, diversified business able to drive sustainable returns for shareholders,” he noted.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation