Tuesday, 17 December 2013 08:20

Tribunal approves PPC acquisition of Safika Cement

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PPC says the acquisition of Safika Cement has been unconditionally approved by the Competition Tribunal.

Ketso Gordhan

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.

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