PPC Says It Doesn't Need Rights Issue; Shares Jump Up to 8%
- Balance sheet stable despite slow start to Congo project
- PPC to give AfriSam update on or before Monday annual meeting
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PPC Ltd. is well capitalized for the foreseeable future and doesn’t need to raise cash from shareholders for a second time even as a project in the Democratic Republic of Congo proves slow to get off the ground.
South Africa’s biggest cement maker “remains adequately capitalized in the medium term and, notwithstanding the slow startup of the greenfield project in Congo, a further rights issue will not be necessary,” Chairman Peter Nelson said in emailed comments on Tuesday. “Our capital structure and short term debt levels continue to receive our attention.”