PPC buys controlling stake in Safika Cement

PPC buys controlling stake in Safika Cement

PPC has entered into an agreement to purchase a controlling equity stake in Safika Cement Holdings, a blended-cement producer in South Africa. The company acquired the stake for a cash consideration of approximately ZAR350m (US$35.3m).

Safika owns five blending facilities and one milling operation and produces blended 32.5N cement under three brands: IDM Best Build, Castle  and the Spar Build-It house brand. 

Commenting on its latest acquisition, PPC chief executive officer said: "We are very excited to be able to add another complimentary business to PPC. This is an important step in our ‘Keeping the Home Fires Burning' strategy.”

The proposed transaction is subject to approval by the regulatory authorities as well as the conclusion of the due diligence process.