Loading...
See More

PPC's Zim unit signs compliancy deal

Nov 20 2012 10:06 Malcom Sharara, Fin24’s correspondent in Zimbabwe

Company Data

PPC Limited [JSE:PPC]

Last traded 19
Change 1
% Change 5
Cumulative volume 4199288
Market cap 0

Last Updated: 27-03-2015 at 04:19. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

PPC reports lower earnings

PPC enters R1bn empowerment deal

PPC lifts earnings

PPC acquires Quarries of Botswana

Zim economy 'offers many opportunities'

Former govt official to head PPC

 
Harare - Pretoria Portland Cement [JSE:PPC] has signed away a 29.6% shareholding in its Zimbabwean subsidiary Portland Holdings Limited.
 
The signing ceremony was held on Monday afternoon at Meikles Hotel.
 
The transaction will result in the company becoming fully compliant with the country’s indigenisation regulations, as locals already own 21.4%.
 
Under the deal Gwanda and Umguza community share ownership trusts will get 10%, while an indigenous Special Purpose Vehicle will get 4.9% and the National Indigenisation and Economic Empowerment Fund 9.7%.

Employees will receive a 5% stake through a share ownership trust.

Portland Holdings is also set to invest at least US$200mn towards construction of a new cement plant in Rushinga, Mash Central, the company said.

PPC group (SA) chief financial officer Tryphosa Ramano told Fin24 the company had completed feasibility studies and some boreholes have been drilled to determine the quality and quantity of the Rushinga limestone resource.
 
“The size of the plant will only be determined by the quality and quantity of the resource,” Ramano said.

“I can’t give you much detail about the Rushinga plant, as we have to announce it in South Africa first because we are listed on the JSE.”
 
Indigenisation Minister Saviour Kasukuwere said the investment signifies the company’s commitment to the country. 
 
PPC operates two plants in Zimbabwe, in Colleen Bawn and Bulawayo.
 
Its major competitor is Lafarge Cement.
 
PPC is listed on the Zimbabwe Stock Exchange and the JSE. Its shares are also fungible.
ppc  |  zimbabwe  |  indigenisation

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote

Loading...