PPC to pursue more acquisitions
JSE-listed PPC on Monday said it was pursuing additional acquisition opportunities, while the first quarter of its 2013 financial year was “characterised” by cement volume growth in South Africa, Botswana and Zimbabwe.
The group, which advanced its “Africa strategy” during the quarter ended December 31, 2012, with its $69.4-million acquisition of a 51% stake in Rwanda-based cement producer Cimerwa, promised to deliver more news of acquisitions this year.
PPC hinted at possible opportunities in Zimbabwe, saying that obtaining its indigenisation certificate during November was an important step for the group’s strategy.
Meanwhile, despite “limited visibility” of major infrastructure projects, PPC held a cautiously optimistic outlook for cement demand in South Africa, Botswana and Zimbabwe.
The cement producer also noted that some increases in prices were achieved in South Africa and Zimbabwe during the period under review, despite the challenging selling conditions.
“Volumes in the lime division declined owing to reduced offtake from the local steel industry, while aggregates volumes remained under pressure as a result of weak demand,” PPC added.
Increased cement demand in South Africa during the first quarter was offset by lower-than-planned output after technical difficulties were experienced at the producer’s Dwaalboom factory.
However, the group commented that the issue had been resolved and normal production resumed.
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