Cement manufacturing giant, PPC Cement, has hit hard times and is now scrambling to raise funds. The company currently has a debt of over R5 Billion and is at the risk of defaulting.
PPC last month reported accounting errors after which its shares plunged 80%.
PPC has also pushed the release of its results to the end of September for the year ended March. The company is focasting a loss of up to 130 cents per share this year.
PPC is considering the following funding options
1. A rights issue to shareholders of R1.25 Billion
2. Raising capital from its international operations
3. Overdrafts will remain in place till September 2021
4. Long term facilities will have interest and capital payments deffered till March 2021
5. A debt freeze has been negotiated in the DRC
Please read the full story in today’s Business Report – 16 September 2020