{"id":12350,"date":"2012-07-12T12:30:41","date_gmt":"2012-07-12T10:30:41","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-1-s-africas-ppc-in-133-mln-deal-with-black-investors\/"},"modified":"2012-07-12T12:30:41","modified_gmt":"2012-07-12T10:30:41","slug":"update-1-s-africas-ppc-in-133-mln-deal-with-black-investors","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africas-ppc-in-133-mln-deal-with-black-investors\/","title":{"rendered":"UPDATE 1-S.Africa&#8217;s PPC in $133 mln deal with black investors"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* To sell 6.5 pct stake to staff, black investors<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Deal takes black holding in local ops to 26 pct<\/p>\n<p><span><\/span><\/p>\n<p>* To cancel 20 mln treasury shares to offset dilution<\/p>\n<p> (Adds details)<\/p>\n<p><span><\/span><\/p>\n<p>JOHANNESBURG, July 12 (Reuters) &#8211; South African cement maker<br \/>\nPretoria Portland Cement is to sell a 6.5 percent stake<br \/>\nto its staff and black investors in a deal worth about $133.4<br \/>\nmillion, to meet the country&#8217;s affirmative action rules.<\/p>\n<p><span><\/span><\/p>\n<p>PPC said the deal &#8211; the second in four years &#8211; would take<br \/>\nshareholding by black investors in its domestic operations to 26<br \/>\npercent and enable it meet the rules set out by the government.<\/p>\n<p><span><\/span><\/p>\n<p>Companies in South Africa have to meet quotas on black<br \/>\nownership, employment and procurement as part of a government<br \/>\ndrive to shift more of the mostly white-controlled economy into<br \/>\nthe hands of the black majority.<\/p>\n<p><span><\/span><\/p>\n<p>Johannesburg-based PPC said on Thursday it would cancel<br \/>\nabout 20 million treasury shares it bought back to help counter<br \/>\nthe dilutive effect of the new 39.3 million shares to be issued<br \/>\nfor the transaction.<\/p>\n<p><span><\/span><\/p>\n<p>The company&#8217;s 2,400 South African employees will be issued<br \/>\n68 percent of the new shares and existing and new women groups<br \/>\nwould take up the rest.<\/p>\n<p><span><\/span><\/p>\n<p>The transaction value of about 1.1 billion rand is based on<br \/>\nthe 30-day volume-weighted average price of PPC shares of 27.39<br \/>\nrand per share as of Monday, July 9.<br \/>\n($1 = 8.2455 South African rand) <\/p>\n<p> (Reporting by Tiisetso Motsoeneng; Editing by David Cowell)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>* To sell 6.5 pct stake to staff, black investors * Deal takes black holding in local ops to 26 pct * To cancel 20 mln treasury shares to offset dilution (Adds details) JOHANNESBURG, July 12 (Reuters) &#8211; South African cement maker Pretoria Portland Cement is to sell a 6.5 percent stake to its staff [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-12350","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=12350"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12350\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}