PIC to restructure debt at AfriSam By SA Commercial Prop News - I-Net Bridge 2012-01-19 00:42:00
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The Public Investment Corporation (PIC), the government pension fund manager, now holds about 99% of the equity in SA’s second-largest cement maker, AfriSam, with the PIC having exercised its right to turn R4,7bn of debt into equity, while retaining the black economic empowerment status of the company.
In doing so, the PIC has finally obtained shareholder approval for the deal, after negotiations among stakeholders going back to 2009. The implementation of the restructuring, as contemplated in the … agreement, will result in a significant reduction of debt, to approximately R6,5bn, a debt reduction in excess of R15bn, the PIC said yesterday.