Cement producer PPC said on Friday that the acquisition of Safika Cement Holdings that was announced in August 2013 had been unconditionally approved by the Competition Tribunal.
PPC acquired a 69.3% stake in Safika for R377m‚ the company said. "This transaction further enhances PPC´s South African footprint through Safika´s five blending facilities and one milling operation that produce blended 32.5N cement under three brands: IDM Best Build‚ Castle and the Spar Build-It house brand. Safika produces over 20-million bags of cement per annum‚" PPC said.
PPC CEO Ketso Gordhan said: "Our successful conclusion of another value-adding transaction for shareholders will ensure that our strategy of 'keeping the home fires burning' gains further impetus into 2014.