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Johannesburg - Cement firm PPC said on Monday it will buy a stake in an Algerian cement company as part of its drive to boost sales outside its home market.
PPC said it will buy a 49% stake in Hodna Cement, which plans to construct a $350m plant in the country.
PPC did not disclose how much the deal will cost but said it will be funded on a project finance basis, with 80% of the debt to be sourced from local Algerian banks.
PPC is also constructing cement plants in Ethiopia, Rwanda and the Democratic Republic of Congo.
"This project sees us entering yet another African country and gives us confidence that by 2017, 40% of PPC revenues will be earned outside of South Africa," CEO Ketso Gordhan said.
PPC said it will buy a 49% stake in Hodna Cement, which plans to construct a $350m plant in the country.
PPC did not disclose how much the deal will cost but said it will be funded on a project finance basis, with 80% of the debt to be sourced from local Algerian banks.
PPC is also constructing cement plants in Ethiopia, Rwanda and the Democratic Republic of Congo.
"This project sees us entering yet another African country and gives us confidence that by 2017, 40% of PPC revenues will be earned outside of South Africa," CEO Ketso Gordhan said.
