JOHANNESBURG - AfriSam confirmed that it has cancelled the Heads of Terms it had entered into with PPC Ltd in terms of which both AfriSam and PPC Ltd were investigating a possible merger between the two companies.
Despite the cancellation of the Heads of Terms, AfriSam remains committed to pursuing a transaction and intends submitting a new proposal regarding a possible combination of the Parties to PPC Ltd.
“AfriSam remains firm that a transaction between AfriSam and PPC will greatly benefit the stakeholders of both companies. For this reason, we continue discussions with PPC and will explore other alternatives available to us. It remains our belief that a transaction between the two companies offers the local cement industry an opportunity to develop a local cement champion with the required scale, operational efficiency and balance sheet to enable further investment opportunities in South Africa and the rest of the continent”, says Rob Wessels Acting CEO of AfriSam.