PPC to reappoint Anthony Ball as nonexec director
Construction materials company PPC has reappointed Anthony Ball as nonexecutive director with effect from July 1, to supervise, manage and assist the company to achieve certain key milestones regarding the restructuring and refinancing of the group.
PPC is now in the implementation phase of its restructuring project, which will see Ball step down as executive director and resume his duties as nonexecutive director of the company.
The cement maker in February said it was struggling under the weight of a then R5.2-billion debt load.
It has since made steady progress with its ongoing restructuring and refinancing project.
PPC’s gross debt had decreased to R2.6-billion at the end of March, down from the R5.8-billion at the end of March 2020. The reduction included an amount of R2.5-billion relating to business in the Democratic Republic of Congo (DRC), where it reached a deal with PPC Barnet’s lenders, terminating their right to recourse to PPC.
Like its rivals, PPC has been battling to grow sales at a faster pace for much of the past decade as public and private sector clients cut back on infrastructure spending owing to South Africa’s weak economy.
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