The Star Early Edition
PIC raises its PPC stake to over 25%
Firm has been the subject of merger and takeover offers
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.
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.