South Africas cement maker PPC to offer USD 70.5mn of 3-year bonds report.

By bne IntelliNews March 19, 2013
South Africas biggest cement producer PPC allegedly intends to offer ZAR 650mn (USD 70.5mn) of three-year bonds at an auction scheduled for March 28, Bloomberg reported quoting two persons with knowledge of the transaction, who wished to remain undisclosed because details of the offer have not been unveiled officially yet. Last month, PPC said that it is in the process of establishing a domestic medium term note (DMTN) programme which will be published at the end of March 2013. PPC is the third biggest cement maker in Africa after Nigeria's Dangote Cement and Morocco's Lafarge Ciments. It has been looking for new revenue streams across Africa to offset sluggish demand at its mainstay South African market and has announced a strategy to grow its non-South African revenue from about 21% currently to at least 40% by 2016.

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