PPC rights offer oversubscribed

PPC’s R4 billion rights offer was massively oversubscribed. The listed cement and lime producer said yesterday that shareholders and their renouncees subscribed for 920.4 million rights offer shares, which was equivalent to 92 percent of the total number of rights offer shares available for subscription. Applications were also received for 5.08 billion rights offer shares, equivalent to 509 percent of the total rights offer shares available for subscription, from holders of rights who wanted to acquire rights offer shares in addition to their rights entitlements. Chief executive Darryll Castle said the success of the rights offer would enable them to settle a large portion of existing debt. – Roy Cokayne