{"id":12752,"date":"2012-07-25T13:31:46","date_gmt":"2012-07-25T11:31:46","guid":{"rendered":"http:\/\/www.myza.co.za\/07\/update-1-s-africas-ppc-invests-in-ethiopian-cement-firm\/"},"modified":"2012-07-25T13:31:46","modified_gmt":"2012-07-25T11:31:46","slug":"update-1-s-africas-ppc-invests-in-ethiopian-cement-firm","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-s-africas-ppc-invests-in-ethiopian-cement-firm\/","title":{"rendered":"UPDATE 1-S.Africa’s PPC invests in Ethiopian cement firm"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Deal is rare S.African investment into Ethiopia<\/span><\/p>\n

<\/span><\/p>\n

* S.African builders looking elswewhere as growth slows<\/p>\n

(Adds details)<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, July 25<\/span> (Reuters) – South Africa’s Pretoria
\nPortland Cement and a state investment body will
\ntogether pay $21 million for almost half of Ethiopia’s Habesha
\nCement Share Company, targeting demand for infrastructure in one
\nof Africa’s fastest growing countries.<\/p>\n

<\/span><\/p>\n

The deal marks a rare investment by a South African company
\ninto Ethiopia, still a relatively closed economy.<\/p>\n

<\/span><\/p>\n

PPC said in a statement on Wednesday it will pay $12 million
\nin cash for a 27 percent stake in Habesha, while South Africa’s
\nIndustrial Development Corporation will pay $9 million for
\nanother 20 percent.<\/p>\n

<\/span><\/p>\n

Habesha, which has also secured $86 million in debt finance
\nfrom the Development Bank of Ethiopia, is building a $130
\nmillion cement plant with an annual capacity of 1.4 million
\ntonnes.<\/p>\n

<\/span><\/p>\n

The deal is PPC’s first investment in Ethiopia and east
\nAfrica. The company has said it aims to make as much as 50
\npercent of its revenue outside South Africa in the next few
\nyears.<\/p>\n

<\/span><\/p>\n

Faced with slower growth and an industry-wide slump at home,
\nSouth African construction companies are increasingly looking
\nnorth for growth opportunities.<\/p>\n

<\/span><\/p>\n

Home to 85 million people, Ethiopia is the second-most
\npopulous country in sub-Saharan Africa.<\/p>\n

<\/span><\/p>\n

Shares of PPC were up 0.4 percent at 24.69 rand. <\/p>\n

(Reporting by David Dolan)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

* Deal is rare S.African investment into Ethiopia * S.African builders looking elswewhere as growth slows (Adds details) JOHANNESBURG, July 25 (Reuters) – South Africa’s Pretoria Portland Cement and a state investment body will together pay $21 million for almost half of Ethiopia’s Habesha Cement Share Company, targeting demand for infrastructure in one of Africa’s […]<\/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-12752","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\/12752","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=12752"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/12752\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=12752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=12752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=12752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}