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Biggest South Africa Cement Firm Mulls Sale of Zimbabwe Unit

  • Unsolicited approaches made for Zimbabwe unit, company says
  • PPC’s shares surge 24% on option to sell Zimbabwe unit
Sealed pallets of Surebuild cement at the PPC Ltd. Hercules cement plant in Pretoria, South Africa.

Sealed pallets of Surebuild cement at the PPC Ltd. Hercules cement plant in Pretoria, South Africa.

Photographer: Waldo Swiegers/Bloomberg
Updated on

PPC Ltd., South Africa’s largest cement maker, is considering selling its Zimbabwe business for about $200 million, according to people with knowledge of the matter. The shares surged. 

A sale will help the company, founded in 1892, focus on its South African operations, said the people, who asked not to be identified because discussions are at an early stage. Pricing negotiations are ongoing, and there is no guarantee that a deal will go ahead, they said. PPC’s shares surged as much as 24% in Johannesburg, taking the company’s market value to 4.8 billion rand ($274 million).