Afrisam shaves R1bn off debt through 'opportunistic' transaction

March 4, 2009

While many black economic-empowerment (BEE) deals are currently under water, black-owned cement producer Afrisam appears to have made hay out of the prevailing financial crisis through a favourable refinancing deal that has shaved R1-billion off its debt profile and reduced its exposure to foreign currency risk.

Chairperson Dr Eltie Links, who is also a member of the BEE consortium that purchased 85% of the company in 2007, from Holcim of Switzerland and JSE-listed construction group Aveng, announced on Wednesday that the group had succeeded in "repatriating" a Euro-denominated "payment in kind", or Pik, debt instrument worth more than R4-billion.

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