PIC reduces shareholding in PPC

PPC's largest shareholder, Public Investment Corp (PIC) has reduced its shareholding in the South African cement producer from 25 to 19.92 per cent.

"The PIC’s disposal of shares in PPC on 28 May 2020 is part of rebalancing its listed investment portfolio in the ordinary course of the PIC’s business," said Deon Botha, the head of corporate affairs at the asset manager.

PPC is in the process of finalising its results for the year-ended 31 March 2020. Due to the restrictions placed on the group as a consequence of the COVID-19 pandemic and resultant lockdowns in the regions that the company operates in, as well as the consequential impact on the financial results and disclosures arising from the COVID-19 pandemic, PPC says it will release its audited year-end financial results by no later than 31 August 2020 as granted by FSCA.