Photo by: Bloomber
South African cement producer PPC’s acquisition of Safika Cement, announced during August, has been unconditionally approved by the Competition Tribunal.
PPC acquired a 69.3% stake in Safika for a purchase consideration of R377-million.
This transaction, the company said on Friday, further enhanced PPC’s South African footprint through Safika’s five blending facilities and one milling operation that produced blended 32.5N cement under three brands: IDM Best Build, Castle and the Spar Build-It house brand.
Safika currently produced over 20-million bags of cement a year.
PPC CEO Ketso Gordhan said: “Our successful conclusion of another value-adding transaction for shareholders will ensure that our strategy of ‘Keeping the Home Fires Burning’ gains further impetus into 2014.”