JSE-listed PPC has received formal notification that the Public Investment Corporation (PIC) has acquired additional shares in the cement producer.
The PIC now holds 10.249% of PPC’s shares in issue, an increase from the 5.37% of shares it previously held.
Meanwhile, PPC has also received formal notification that Value Capital Partners (VCP) has disposed of a beneficial interest in the ordinary shares of the company, such that the total interest held in PPC now amounts to 13.75% of the total issued ordinary shares of the company.
Through its various funds VCP has been a strategic investor in PPC since August 2017.
Since that initial entry point, VCP has periodically taken advantage of the decline in the PPC share price to increase its shareholding.
Following the rebound in the PPC share price in recent months, PPC has become a disproportionate share of VCP’s total portfolio. The above transaction forms part of a portfolio rebalancing to align VCP’s relative exposure in PPC with its overall target asset allocation.
VCP will continue to be represented on the board of directors of PPC and its various subcommittees by Antony Ball and Nono Mkhondo, who will continue to provide support to PPC as it executes its strategy to unlock further value for shareholders.