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PPC shares plunge

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World Cement,


Bloomberg are reporting that PPC Ltd. shares plunged after the South African cement maker announced that it was preparing a capital raising of as much as US$256 million, while adding that talks with a credit-ratings agency will probably lead to a downgrade of the company.

The company stock declined as much as 16%, which on a closing basis would be the biggest drop on record, and traded 11% lower at 12.15 rand on Monday. The shares are down 21% for the year, compared with a 3% gain on the FTSE/JSE Africa All Share Index.

The proceeds of the 3 billion rand to 4 billion rand capital raising will be used to reduce debt and fund expansion plans.


Edited from source by Joseph Green. Source: Bloomberg

Read the article online at: https://www.worldcement.com/africa-middle-east/23052016/ppc-shares-plunge-138/


 

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