JSE-listed cement and building materials producer PPC says there is scope for further consolidation in South Africa’s cement industry. PPC CEO Roland van Wijnen on Monday disagreed with suggestions that PPC will not be permitted to acquire South African cement assets because of the company’s high domestic market share. He said the company had undertaken studies of potential consolidation plays and combined market shares and “we do not think that is a major issue”.
The headline loss per share increased to 8 cents from 3 cents. Share repurchase programme PPC announced a distribution to shareholders through a R200 million share repurchase programme, made possible by the company achieving its desired level of gearing. Van Wijnen said PPC decided on a distribution to shareholders through a share repurchase programme rather than a cash dividend because the company believes its shares are undervalued.