PPC’s previously-announced acquisition of South African blended cement producer Safika Cement has been unconditionally approved by the country’s Competition Tribunal.
An agreement to acquire a controlling equity stake in Safika Cement for a cash consideration of approximately ZAR350m (US$35.3m) was announced by PPC in August this year.
PPC said last Friday, that the completed deal further enhances its footprint in South Africa where Safika Cement owns five blending facilities and one milling operation and produces blended 32.5N cement under three brands: IDM Best Build, Castle and the Spar Build-It house brand.
Ketso Gordhan, CEO of PPC, said: “Our successful conclusion of another value-adding transaction for shareholders will ensure that our strategy of ‘Keeping the Home Fires Burning’ gains further impetus into 2014.”
