Following reports that South Africa’s PPC was looking to raise ZAR1.25bn (US$71.51m) from a rights issue, the company has stated that it is currently in talks with lenders before taking any action.
It also noted that its requirement to restructure and refinance the group was primarily a result of its investment in PPC Barnet (Democratic Republic of Congo), according to Business Day. While the company was considering a rights issue, the timing and size of it is dependent on several factors.
The group is reportedly seeking to complete its restructuring and refinancing project by the end of March 2021, although no assurance can be given that it will be finished by that date.
