Publications
Partners
Johannesburg - PPC [JSE:PPC] announced in a Sens report on Wednesday that it has completed the successful acquisition of the Industrial Development Corporation's 20% stake in Ethiopian based Habesha Cement Share Company (HCSCo) for a purchase consideration of $13m.
PPC's initial 27% stake in HCSCo, acquired in July 2012, now rises to 51% while the balance of the shareholding in HCSCo is held by over 16 000 local shareholders.
HCSCo has begun the construction of a 1.4 million tonnes per annum facility 35km north-west of Addis Ababa. Project costs for this factory are approximately $135m and commissioning of the plant is anticipated in 2016.
"We are very excited about our increased investment in Ethiopia - a country with a population of 91 million people that is set to reach 100 million by 2018 and having a growth rate that is expected to remain above 8% in the medium term," said PPC executive chair Bheki Sibiya.
"This Acquisition will provide further momentum to our growth strategy on the continent. PPC has, in addition to the HCSCo project, signed EPC contracts for projects in Rwanda, the Democratic Republic of the Congo and Zimbabwe - all with construction underway."
PPC's initial 27% stake in HCSCo, acquired in July 2012, now rises to 51% while the balance of the shareholding in HCSCo is held by over 16 000 local shareholders.
HCSCo has begun the construction of a 1.4 million tonnes per annum facility 35km north-west of Addis Ababa. Project costs for this factory are approximately $135m and commissioning of the plant is anticipated in 2016.
"We are very excited about our increased investment in Ethiopia - a country with a population of 91 million people that is set to reach 100 million by 2018 and having a growth rate that is expected to remain above 8% in the medium term," said PPC executive chair Bheki Sibiya.
"This Acquisition will provide further momentum to our growth strategy on the continent. PPC has, in addition to the HCSCo project, signed EPC contracts for projects in Rwanda, the Democratic Republic of the Congo and Zimbabwe - all with construction underway."
