Shareholders punish PPC for floating a plan to tap them for more funding

Shares in PPC tanked almost 10% on Thursday after the cement maker said it was weighing a rights issue in a move that would put shareholders on the hook for the second time in four years as an industry-wide slump coincided with the Covid-19 economic crisis.

Like its rivals, PPC has been struggling to grow sales at a faster pace for much of the past decade as public and private sector clients cut back on infrastructure spending in a weak SA economy, prompting the company to load up on debt to build plants in Ethiopia, Rwanda and the Democratic Republic of the Congo .

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