Cement News tagged under: South Africa
PPC and AfriSam call off merger talks30 March 2015, Published under Cement NewsSouth African cement producers PPC and AfriSam have called off merger talks after they could not reach a consensus on the terms, both the companies said on Friday. Last December PPC confirmed it had received a conditional, non-binding merger proposal from AfriSam. Following "extensive discussion" between the two companies, the parties have not been able to reach consensus on the terms of the merger and therefore have terminated their discussions," PPC said in a statement on Friday. ... |
PPC continues to study AfriSam proposal, South Africa12 March 2015, Published under Cement NewsPPC said that its board is continuing to consider the indicative non-binding proposal from AfriSam Group for a merger between the two South African cement producers. The company said it would make a further announcement in due course once its board had concluded the consideration process. “Shareholders are hereby advised that the Board is continuing to consider the indicative proposal and PPC will make a further announcement in due course once it has concluded its consideration proces... |
PPC03 February 2015, Published under Cement NewsPPC’s earnings in the six months to the end of March 2015 could tumble by between 25 and 45 per cent YoY, according to a recent company trading statement. Despite positive cement sales, consolidation of Safika Cement (South Africa) and growth in both Zimbabwe and Botswana, the operating environment in South Africa is expected to remain challenging in both 2015 and 2016. Much of the decline is blamed on weak economic growth and power shortages although increased competition is also taking its... |
PPC cautions on half-year earnings27 January 2015, Published under Cement NewsSouth Africa's biggest cement maker, PPC, advised yesterday that its earnings in the six months to the end of March 2015 may fall by as much as 45 per cent partly due to rising finance costs. The company said in a trading statement released yesterday that it headline earnings per share for the six for the first half of the fiscal year is expected to be between 25 and 45 per cent lower than the comparative period of the previous year. “Notwithstanding a weaker trading environment, the mai... |
South Africa sees pick-up in 3Q cement sales07 January 2015, Published under Cement NewsSouth African cement sales rose by 4.6 per cent to 3.39Mt in the third quarter of 2014 after contracting in the previous two quarters, industry data released by the country’s leading producer shows. However, full-year sales are expected to be lag those achieved in 2013 as a challenging operating environment prevails. Figures posted by PPC show that volumes in the first nine months of the year, excluding imports and exports, were down 1.7 per cent YoY to 8.91Mt versus 9.06Mt in the comparat... |
South Africa: PPC names new CEO18 December 2014, Published under Cement NewsPPC has announced the appointment of Darryll Castle as executive director and CEO, effective 12 January 2015. PPC's former chief executive Ketso Gordhan resigned in September after his attempt to fire chief financial officer, Tryphosa Ramano, was blocked by fellow directors. He then launched a campaign to have the directors removed and win his job back. This month, the company bowed to shareholder pressure and agreed to reshuffle its board, but without reinstating Mr Gordhan. A chartered... |
PPC receives 17 nominations for non-executive director positions15 December 2014, Published under Cement NewsPPC has received a total of 17 nominations for non-executive director positions on the reconstituted and expanded board by the 8 December 2014 closing date for nominations, Kevin Odendaal, PPC's international business development executive, confirmed with local press on Friday. "The company does not want to pre-empt the circular that will be sent to shareholders most probably this week. The names that will be put forward by the nominations committee will be contained in the notice of the A... |
Three potential candidates for PPC chief executive role12 December 2014, Published under Cement NewsPPC is considering Darryll Castle as one of three candidates to become CEO of South Africa's biggest cement maker, a person familiar with the matter told Bloomberg. Castle, former chief executive of commodity trader Trafigura's mining division, was appointed as a non-executive director of PPC on 17 October. PPC is seeking a replacement for Ketso Gordhan, who resigned in September after his attempt to fire chief financial officer Tryphosa Ramano was blocked by fellow directors. A decision ... |
South Africa: PPC receives merger offer from AfriSam11 December 2014, Published under Cement NewsSouth Africa’s leading cement producer, PPC, has received a merger offer from local rival AfriSam that would create a dominant player in the country. “The Board is considering the indicative proposal and will make a further announcement in due course once it has concluded its consideration of the indicative proposal,” PPC said in a statement today. PPC has been embroiled in a boardroom battle since former CEO Ketso Gordhan resigned in September, leading some industry commentators to spec... |
South Africa: PPC to reshuffle board03 December 2014, Published under Cement NewsPPC and its investors have agreed to reshuffle the company's board, calling off a special shareholder meeting scheduled for next Monday. “Shareholders are hereby notified that following discussions initiated by [Executive Chairman] Bheki Sibiya with a number of shareholders, the board of directors of PPC has decided to embark on a process that is much more likely to achieve the best outcome for the company and all of its shareholders,” PPC said. The compromise comes as a blow to former... |