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Transaction likely to influence its planned R750m rights issue decision. 00:01
The net proceeds of about R500m will be used to degear PPCâs SA balance sheet. Image: Moneyweb
JSE-listed cement and lime producer PPC has made further significant progress with its capital restructuring by reaching an agreement to sell its wholly-owned lime business to investor consortium Kgatelopele Lime for R515 million.
In terms of the agreement, the rights, benefits and advantages of PPC Lime transfer to Kgatelopele Lime on April 1, with the divestment expected to reach a close by the end of the year.
INSIDERGOLD
Roy Cokayne The divestment forms part of PPC’s ongoing capital restructuring, and the effective net proceeds of about R500 million will be used to degear the cement producer s SA balance sheet. PPC truck.
JSE-listed cement and lime producer PPC has made further significant progress with its capital restructuring by reaching an agreement to sell its wholly-owned lime business to investor consortium Kgatelopele Lime for R515 million.
In terms of the agreement, the rights, benefits and advantages of PPC Lime transfer to Kgatelopele Lime on April 1, with the divestment expected to reach a close by the end of the year.
PPC sells lime business to Kgatelopele Lime
By Edward West
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PPC HAS SOLD its PPC Lime operation as part of a restructuring project to Kgatelopele Lime, a new company that has Swiss mining and minerals resources group IMR Group as a major shareholder, for R515 million.
PPC plans to use the net proceeds of R500m to degear PPC’s South African balance sheet.
In terms of the restructuring project, PPC’s South African lenders agreed to review the need for a R750m group capital raise if the South African businesses continue to degear towards sustainable debt levels.