PPC postpones its ZAR750m rights issue

PPC Ltd, South Africa's biggest cement maker, held off on a planned rights issue of about ZAR750m (US$640m) following a sales boost and advancing talks on the disposal of its lime business.

PPC has negotiated with lenders to postpone the share sale for at least six months, said CEO Roland van Wijnen. The group saw double-digit cement-revenue growth in its home market from the middle of last year, enabling it to meet interest payments, he said.

PPC will also gain additional clarity on its lime division, which could generate further proceeds, Mr Van Wijnen said.