Earlier this year, PPC announced plans to acquire a 69.3% stake in Safika Cement Holdings. According to reports, those plans have now been unconditionally approved by the Competition Tribunal.
The acquisition, valued at R377 million, will add to PPC’s South African footprint through Safika’s five blending facilities and one milling operation. Safika produces more than 20 million bags of blended cement per year.
When announcing the deal, PPC CEO Ketso Gordhan said, “We are very excited to be able to add another complimentary business to PPC. This is an important step in our ‘Keeping the Home Fires Burning’ strategy”. PPC is expanding across Africa. In addition to expansion in its home country of South Africa, the country is also aiming to build its revenue from the rest of Africa to 40% by 2016 from about 21% currently.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/17122013/ppc_acquisition_of_safika_cement_holdings_approved_523/