South Africa: PPC’s largest shareholder, the Public Investment Corporation (PIC), has supported an offer from Canada’s Fairfax Financial Holdings and local cement producer AfriSam. PIC views the bid as an opportunity to build a larger cement producer in sub-Saharan Africa, according to sources quoted by the Cape Argus newspaper. The investment body also hopes to make cost savings from the merger. PIC owns about 11% of PPC and it is the biggest shareholder of AfriSam with a 60% stake.
Public Investment Corporation backs Fairfax offer for PPC
Written by Global Cement staff
Published in
Global Cement News
Register for the Global Cement Weekly email newsletter
Global Cement Weekly is Global Cement’s weekly email newsletter. Keep up to date with cement industry news, analysis, diary dates and news of people in the sector.
URL: https://www.globalcement.com/news/item/6535-public-investment-corporation-backs-fairfax-offer-for-ppc
© 2024 Pro Global Media Ltd. All rights reserved.