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PPC Bond issue to fund growth in Africa

March 22 2013 at 07:50am
By Roy Cokayne

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Pretoria Portland Cement (PPC) has successfully issued its debut bond of R650 million under its R6 billion domestic medium-term note programme. The cement producer said on Wednesday that the three-year senior unsecured floating rate bond issued this week was 4.6 times oversubscribed. Tryphosa Ramano, PPC’s chief financial officer, said this reflected the firm’s strategy of diversifying funding sources in a cost-effective way. Ketso Gordhan, PPC’s chief executive, said the debut bond issue was a milestone in PPC’s 121-year history. It would “keep the home fires burning” and help expand the group in Africa. PPC shares rose 0.21 percent to close at R32.87 on Wednesday. – Roy Cokayne


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