PPC ‘plans rights issue of R1.25bn’

PPC, SA’s biggest cement maker, is considering a rights issue of about R1.25bn to refinance its domestic and international operations, according to people familiar with the matter. The Johannesburg-based company owed lenders including FirstRand’s Rand Merchant Bank, Nedbank Group and Standard Bank Group a combined R750m by the end of March, said the people, who asked not to be identified as the plans are private. The balance of the funding effort would go towards PPC’s other units across Sub-Saharan Africa, they said.