The Public Investment Corporation (PIC) had increased its investment in PPC to 15.165 per cent, the South African cement producer yesterday.

The PIC confirmed in December when the AfriSam Group made a non-binding proposal of a merger with PPC that the corporation held 12.57 per cent of PPC and 66 per cent of AfriSam. Talks between the two cement producers were halted in March when they were unable to reach consensus on the terms of the proposed merger.