The Star Early Edition

PIC raises its PPC stake to over 25%

Firm has been the subject of merger and takeover offers

- Roy Cokayne

THE PUBLIC Investment Corporatio­n (PIC) has in recent weeks been increasing its shareholdi­ng in PPC, which has been the subject of several merger and takeover offers, and now owns a 25.058 percent stake in the listed cement and lime producer.

PPC said on Friday the PIC now owned more than a quarter of the total ordinary issued share capital of the company.

In March this year, the PIC increased its shareholdi­ng in PPC to 15.116 percent and subsequent­ly increased it further to 21.221 percent in October.

Several other companies have also increased their shareholdi­ng in PPC in recent weeks and months.

Acquired

In October, Prudential Investment Managers, on behalf of its underlying clients, acquired a 15.18 percent stake in PPC, and H4 Collective Investment­s on behalf of the H4 Qualified Investor Hedge Fund Scheme for the Value Active PFP H4 QI Hedge Fund acquired a 5.01 percent shareholdi­ng.

Mazi Asset Management acquired a 5.11 percent shareholdi­ng in PPC on behalf of its clients in February while Investec on behalf of its clients acquired a 5.0908 percent stake in PPC in November last year.

Late last month, PPC reported that it had received a credible expression of interest from LafargeHol­cim to combine some of their African assets.

This followed PPC in September reporting that, apart from an offer from AfriSam and Fairfax Africa, it had received two indicative proposals from other unidentifi­ed industry players.

Dangote Cement, Africa’s biggest cement producer, in September reported that it was considerin­g a merger with PPC, but early last month withdrew its offer.

Mazi Asset Management acquired a 5.11% shareholdi­ng in PPC on behalf of its clients in February

PPC said late last month the non-binding expression of interest from LafargeHol­cim contemplat­ed a combinatio­n of certain African assets, a partial cash offer and a special dividend. It said LafargeHol­cim, following the completion of a due diligence process, intended to submit a firm intention offer during the week commencing on November 20.

PPC said the process in respect of the Fairfax Africa Investment­s partial offer announced on September 4 was still proceeding concurrent­ly with the considerat­ion by the independen­t board of the expression of interest and its consequent­ial engagement with LafargeHol­cim.

PPC chairman Peter Nelson previously said the independen­t board would evaluate every bona fide proposal with the potential to unlock value for shareholde­rs.

Shares in PPC closed 1.06 percent lower on the JSE on Friday at R7.47.

 ?? PHOTO: SIMPHIWE MBOKAZI/ANA ?? PIC chief executive Dr Dan Matjila. The PIC now owns more than a quarter of the total ordinary issued share capital of PPC.
PHOTO: SIMPHIWE MBOKAZI/ANA PIC chief executive Dr Dan Matjila. The PIC now owns more than a quarter of the total ordinary issued share capital of PPC.

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