AfriSam, supported by Canada's Fairfax Africa Investments, tabled an offer in September to buy R2bn of PPC ordinary shares at R5.75 a share. The offer includes a R4bn recapitalisation of AfriSam before any merger.
The PIC, which invests funds on behalf of state-owned entities, said it had increased its shareholding in the cement company to 21.22%, from 15%.
PIC also owns 66% of the unlisted AfriSam, which believes a merger would unlock value for shareholders of both companies.
At least two of PPC's larger shareholders have publicly disapproved of the of AfriSam Fairfax proposal, arguing that it undervalued PPC.
Source: BDpro
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.
We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
