PPC: Approval granted for 69% Safika purchase

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PPC’s acquisition of a 69.3 percent stake in Safika Cement Holdings for R377 million had been unconditionally approved by the Competition Tribunal, the listed cement and lime producer reported on Friday. The company said the transaction, which was announced in August, further enhanced PPC’s South African footprint through Safika’s five blending facilities and one milling operation that produce blended 32.5N cement under three brands: IDM Best Build, Castle and the Spar Build-It house brand. Safika produces more than 20 million bags of cement a year. Ketso Gordhan, PPC’s chief executive, said the value-adding Safika transaction would ensure that PPC’s strategy gained further impetus. The company’s strategy is to expand its revenue from the rest of Africa to 40 percent by 2016 from about 21 percent now while recognising that it must maintain its edge in the southern African region. PPC shares fell 1.52 percent to close at R31.01 on Friday. - Business Report


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