PPC has revealed details of a US$176m black economic empowerment (BEE) transaction.
The transaction, together with the BEE shareholding from the two previous transactions, will result in an effective 30% BEE shareholding in PPC South Africa Holdings, making the company compliant with the Mining Charter, according to the Pretoria Times newspaper.
Called PPC Phakama, meaning ‘rise up’ in Zulu, the transaction will result in PPC’s equity shareholding in PPC South Africa being reduced from 100% to 74.6%.
Sibonginkosi Nyanga, an analyst at Momentum Securities, said that the cement producer was required by the Mining Charter to implement the transaction. It requires companies to have at least a 26% BEE shareholding. Non-compliance could have had the potential put PPC’s mining rights at risk.
More news
- PART 2: CONCRETE IN THE DESIGN OF A UNIQUE LUXURY HOME IN GEORGE, SOUTH AFRICA
- PART 1: CONCRETE IN THE DESIGN OF A UNIQUE LUXURY HOME IN GEORGE, SOUTH AFRICA
- MVULE GARDENS, AFRICA’S LARGEST 3D-PRINTED AFFORDABLE HOUSING PROJECT
- PART 3: HARNESSING THE POTENTIAL OF HIGH SULPHUR FLY ASH IN CONCRETE PRODUCTION
- PART 2: HARNESSING THE POTENTIAL OF HIGH SULPHUR FLY ASH IN CONCRETE PRODUCTION
