Cement News tagged under: South Africa
Workers strike at PPC Slurry18 October 2017, Published under Cement NewsThe National Union of Mineworkers (NUM) said that its members of PPC Cement's Slurry plant near Mafikeng, South Africa, have embarked on a strike over wages. The NUM said that PPC must close the wage gaps that exist within the company, as it feels that the management is creating the wage gaps instead of closing them. This comes after the NUM gave PPC Cement a notice to strike on Sunday last week and workers commenced with the industrial action on Monday. The NUM demands a 12 per cent wag... |
PIC increases shareholding in PPC17 October 2017, Published under Cement NewsCement producer PPC reported on Monday, 16 October, that the Public Investment Corporation (PIC) had increased its shareholding in the South African cement company, which is currently mulling bids from several parties that are vying for its shares. AfriSam, supported by Canada's Fairfax Africa Investments, made an offer in September to buy R2bn of PPC ordinary shares at ZAR5.75 a share (US$0.43). The offer includes a ZAR4bn recapitalisation of AfriSam before any merger. The PIC, which i... |
PPC is a new target for CRH13 October 2017, Published under Cement NewsCRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s offer is conditional on PPC merging with AfriSam, and the South African company has appointed Invest... |
PPC merger opposition grows11 October 2017, Published under Cement NewsVisio Capital Management, which holds seven per cent of PPC shares, is the latest investment manager to object to a partial conditional offer for AfriSam-Fairfax merger. Visio Capital’s position sees at least 25 per cent of shareholders opposing the merger. Earlier this week, Value Capital Partners, which owns around five per cent of PPC stock, had rejected the offer made by Canada’s Fairfax Africa Investments saying the intrinsic value of PPC was at least ZAR10/share. Fairfax had underta... |
Prudential Investment Managers advise against AfriSam merger with PPC03 October 2017, Published under Cement NewsPrudential Investment Managers, one of the top three shareholders in PPC, says it opposes a proposed merger between South Africa's largest cement group and its unlisted South African rival AfriSam. Prudential, which holds 13-14 per cent of PPC, said it wanted "other shareholders to think twice" about such a transaction. It said AfriSam’s recent revised offer, which had the backing of Canada’s Fairfax Africa Investments, undervalued the group. It believed PPC’s share price would double in th... |
PPC raises prices and volumes29 September 2017, Published under Cement NewsSouth Africa-based cement producer PPC said it improved effective selling prices in its South African cement business and is steadily increasing output at its operations in the rest of Africa. The company saw a rise in volumes of 15 and 35 per cent in Zimbabwe and Rwanda, respectively in the five months to August, according to an investor presentation at the RMB Morgan Stanley Big Five Investor Conference in Cape Town. Effective selling prices increased by two per cent in South Africa ... |
Cape Lime business to boost Afrimat's earnings25 September 2017, Published under Cement NewsAggregates and building materials supply company Afrimat, based in Durbanville, Western Cape, South Africa, expects to see higher profit contributions from its Cape Lime business going forward. Afrimat CEO, Andries Van Heerden, said: "We are hedged against economic volatility through wide diversification. The operational contribution is interesting to breakdown," Mr Van Heerden said. "In financial 2016 the clinker segment accounted for 38 per cent of Afrimat’s business, the Glen Dougl... |
Dangote confirms "preliminary talks" with PPC15 September 2017, Published under Cement NewsTalks between Dangote Cement and PPC regarding the possible acquisition of PPC by Dangote are in a "preliminary stage", according to the Nigeria-based cement producer, confirming news reports earlier this week . If successful, Dangote Cement would extend its presence in South Africa. Currently the company owns a 64 per cent stake in Sephaku Cement. "DCP (Dangote Cement Plc) hereby confirms that the board of directors of DCP has merely communicated its interest to the board of directors o... |
AfriSam wins two SARMA awards15 September 2017, Published under Cement NewsSouth African cement producer AfriSam dominated at the recent Southern African ReadyMix Association (SARMA) awards by winning two of the four accolades bestowed on the industry’s top performers for 2017. SARMA’s annual awards, held in Gauteng during the Concrete Conference in August, saw AfriSam receive both the 'Best Plant' award for its Wynberg ready-mix facility and the 'Best Fleet' award for its Gauteng ready-mix fleet. "The team is justifiably excited about winning this prestigious... |
PIC reportedly backs joint offer for PPC13 September 2017, Published under Cement NewsPPC'S largest shareholder, Public Investment Corporation (PIC), is supporting a joint offer for South Africa's biggest cement-maker from domestic rival AfriSam Group and Canadian insurer Fairfax Financial Holdings, as the merger would create a national champion, according to people familiar with the matter, reported in the Cape Argus. The enlarged cement producer will be able to benefit from significant cost savings as well as expand more effectively on the continent, according to the sou... |