PPC S.Africa issues cautionary announcement

….Dangote Cement confirms interest in firm
PPC South Africa has issued cautionary announcement to its investors on potential pan African combination from two potential bidders.

The caution wherein shareholders were advised of additional indicative proposals from two other trade bidders, each in relation to a potential pan-African combination with PPC, The Daily Times gathered, was in compliance with regulatory requirements.

The PPC’s announcement was titled: “Notification of Third Party Indicative Proposal to Acquire PPC, and Renewal of PPC Cautionary Announcement.”

However, Dangote Cement PLC (DCP) recently said it intended to acquire 100 per cent, South African cement Distribution Company, PPC S.Africa Limited, just as PPC recently issued renewed cautionary announcement.

However, Dangote Cement, in a recent statement released by the Nigerian Stock Exchange (NSE), acknowledged newspaper reports on the business proposal transaction between the company and a South African firm.

The statement signed by Company Secretary, Mahmud Zakare, said “In the light of the ongoing, DCP hereby confirms that the board of Directors has merely communicated the board of directors of PPC with respect to the acquisition of the entire share capital of PPC” the communication, DCP said was still at its preliminary stage.

Meanwhile, the Chairman of the Dangote Cement, Alhaji Aliko Dangote, last May, told shareholders that the Pan-African diversification programme provided the essential foreign currency and streams of cash to operate the company despite the challenges that characterised 2016.

PPC South Africa is assumed leading supplier of cement in southern Africa. PPC also produces aggregates, metallurgical-grade lime, burnt dolomite and limestone.

The South African firm supplies from nine cement factories, four milling plants, five blending facilities and 26 ready mix batching plants.