PPC 'in final phase' of BEE deal

October 30, 2007

South Africa's biggest cement producer, Pretoria Portland Cement (PPC), has made "significant progress" towards concluding a transaction to sell a stake to black investors, and expects to seek shareholder approval for the deal early next year, the group said on Tuesday.

The company, which previously said it planned to announce a broad-based black-economic empowerment (BBBEE) transaction by the end of September this year, said in a statement to the JSE�€™s news service that it would sell equity to employees, communities and industry associations through the establishment of various trusts, as well as introducing a number of strategic black partners.

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