Share

PPC's Zim unit signs compliancy deal

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.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders