PPC Ltd. delayed the launch of its full-year income for a third time as South Africa’s largest cement maker continues to fix accounting blunders and strives to finalize a refinancing plan.
The Johannesburg-based agency will now post its monetary outcomes in the week of Oct. 5, according to a declaration on Wednesday. PPC has been making adjustments to valuations of assets in Ethiopia and the Democratic Republic of Congo, whilst a deal with South African lenders is expected to be reached subsequent month.
The 128-year-old enterprise has struggled this 12 months as a prolonged recession and Covid-19 lockdown depressed demand in its domestic market.
The stock has lost almost 90% of its value in the past 12 months, valuing the company at R813 million, and the group was once considering a rights trouble of about R1.25 billion, human beings familiar with the remember said in August.
South African money supervisor Value Capital Partners has been building a stake in PPC, turning into the second-largest shareholder, and its chairman, Anthony Ball, took up an government director role at the cement maker. Africa’s biggest asset manager, the Public Investment Corp., has appreciably decreased its stake.