Cement News tagged under: PPC

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AfriSam submits revised PPC merger offer

05 September 2017, Published under Cement News

South Africa’s cement maker AfriSam has submitted a revised merger approach to larger domestic rival PPC, the company said on Monday. AfriSam’s latest proposal values PPC at 5.75 rand per share, or SAR9.2bn (US$709.47m), and is the company’s  third attemp to merge with PPC and create a pan-African cement group with assets across six countries. As part of the proposal, the African unit of Canada's Fairfax Africa Holdings offered to buy 22 per cent of PPC at 5.75 rand per share for SAR2b...

South African merger talks: make or break?

01 September 2017, Published under Cement News

Following the collapse of a second round of talks between South Africa's two leading cement producers on a proposed merger, will AfriSam's expected new proposal be enough to push negotiations through and be a case of third-time lucky? Last Friday AfriSam confirmed that it had cancelled the Heads of Terms it had entered into with PPC, which would have led to a formal merger agreement but says it remains committed to pursuing a deal. "AfriSam remains firm that a transaction between AfriSam a...

AfriSam to come up with new merger plan

30 August 2017, Published under Cement News

Merger talks between South African cement producers AfriSam and PPC have been terminated after AfriSam retracted the heads of terms (HoT) that were entered into in February. PPC on Friday said AfriSam planned to rather submit an undisclosed new proposal regarding a possible combination of the two companies. AfriSam acting chief executive, Rob Wessels, said the company remained committed to pursuing a transaction and intended to submit a new proposal regarding a possible merger to PPC. ...

Changes to PPC executive team

24 August 2017, Published under Cement News

PPC has appointed Njombo Lekula as managing director of its Southern African Cement division. Previously the managing director of Rest of Africa Cement, Mr Lekula has been with PPC for 27 years, holding a number of cement manufacturing and executive management roles. Meanwhile, Mokate Ramafoko has been appointed as the managing director of Rest of Africa Cement. He is a chemist by profession with over 23 years of experience in the cement manufacturing, quality assurance and cement process...

PPC 1Q17 results in line with expectations

21 August 2017, Published under Cement News

PPC revenue for the period ended 30 June 2017 (1Q17) is ahead YoY while group EBITDA is in line with the year-ago period. The advance has been attributed to good cost management. Johan Claassen, interim CEO, said: "Our focus is firmly on delivering improved profitability and liquidity in the shorter term while our longer term strategy remains unchanged. More specifically, we will focus our management effort on the new operations in the DRC and Ethiopia, ensuring that they deliver to expec...

PPC's CEO is to resign

24 July 2017, Published under Cement News

Darryll Castle, Pretoria Portland Cement's (PPC) CEO, is stepping down to pursue other interests. PPC announced in a statement that Mr Castle will still be available to the group for six months to ensure a smooth handover. Johan Claassen, managing director of the South African cement business, has been appointed as interim chief executive. PPC reported a 93 per cent decline in full-year earnings in June, due to a liquidity crisis precipitated by the cut in ithe company's credit rating...

PPC revenue growth supported by rest of Africa cement business

08 June 2017, Published under Cement News

PPC reported that group revenues for the year ending March 2017 rose by five per cent to ZAR9641m (US$750m). The growth was supported by the rest of Africa cement business where revenues rose by nine per cent, and the aggregates and ready-mix segment which saw revenues increase by 23 per cent. Group EBITDA decreased by 13 per cent to ZAR2065m while the EBITDA margin achieved was 21.4 per cent (March 2016: 26 per cent). The decline was mainly attributable to the southern Africa cement seg...

PPC achieves two major milestones as part of its expansion strategy

21 April 2017, Published under Cement News

As part of its expansion strategy, PPC announced this week the inauguration of its Ethiopian operation, Habesha Cement, and the first truck dispatch load of saleable cement from its plant in the Democratic Republic of the Congo. The inauguration of Habesha Cement marks the completion of the construction of the factory and installment of the technical and non-technical systems.The ceremony, officiated by the Prime Minister of Ethiopia, Ato Hailemariam Desalegn, was held at the plant in Hole...

Zimbabwe: President Mugabe opens PPC cement grinding plant in Harare

30 March 2017, Published under Cement News

PPC's US$85m cement 0.7Mta grinding plant at Msasa, Harare, has been officially opened by President Robert Mugabe. The plant is PPC’s third production site in the country. The facility features a cement ball mill with dynamic separator and road and rail off-loading facilities. This is in positioning PPC to meet local demand, as well as boost the country’s ability to export to the region. The PPC's collective capacity now stands at 1.4Mta, allowing the firm to export further to its neig...

AfriSam reported to replace CEO ahead of PPC merger

17 March 2017, Published under Cement News

To help enable the merger with rival PPC, AfriSam is set to replace its CEO, Stephan Olivier after nearly seven years of leading the firm, according to local press reports in South Africa. He would be replaced on a short-term contract by Rob Wessels, a former chief investment officer at AfriSam's black empowerment partner Phembani Group. The new management team would potentially implement the merger with PPC through a reverse of AfriSam into its competitor's listing, two of the source...