| OPINION | If SA wants infrastructure-led growth, construction needs its house in order
The shares fell after Bloomberg News reported the plans on Wednesday and extended the decline the following day. The stock has lost almost 83% of its value in the past 12 months, valuing the company at R1.3 billion.
PPC confirmed it has hired Gleacher Shacklock LLP as an adviser. The firm is looking to seek more favorable terms for debt in the Democratic Republic of Congo, said the people, and is in talks with international lenders including the International Finance and the Eastern and Southern African Trade Development Bank, or TDB, they said. Gleacher and the TDB couldn't immediately be reached for comment, while the IFC declined to comment.
PPC hasn't reported financial results since its half-year results in November when it had gross debt of R5.1 billion. The company has since taken advantage of a regulator-granted extension to belatedly release annual figures through March on August 31.
PPC said last month earnings fell more than 20% in that period and that lenders supported its efforts to navigate the crisis.
South African money manager Value Capital Partners has been building a stake in PPC, becoming the second-largest shareholder, and its chairman, Anthony Ball, recently took up an executive director role at the cement maker to help improve its balance sheet.