PPC says it has entered into a standby underwriting agreement over its proposed rights offer of R4bn with a syndicate of banks.
PPC’s share price plunges as much as 16% to a low of R11.50 after advising shareholders it intends to raise up to R4bn.
PPC shares crash as much as 22% to their lowest level in more than 10 years‚ dealing a blow to the cement maker’s plans to shore up its balance sheet.
PPC warns of a credit rating downgrade and said it was in the advanced stages of a capital raising exercise for up to R4bn, tanking its shares.
Thanks to the slowdown in SA's construction sector since the boom leading to the 2010 Soccer World Cup, local companies are looking elsewhere in Africa for opportunities.
Top-level executives and heads from Africa’s leading infrastructure and construction companies and institutions met to discuss strategies to foster industrialisation at a special event held in Johannesburg.
With the construction sector resembling a sort of rubble, what with all the majors on their knees as the chickens come home to roost and some worth a fraction of the values they boasted before the lid was lifted on collusion, affordable housing firm Calgro M3 is worth a look.
PPC reports pleasing expansion progress for the quarter October 2015 to December 2015, despite declining cement sales volumes.
PPC says full-year cement sales volumes in SA dwindle due to increased competitor activity‚ particularly in the Gauteng and inland regions.