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News PPC completes divestment of Cimerwa stake

PPC completes divestment of Cimerwa stake

Written by Global Cement staff 26 January 2024
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Rwanda: South Africa-based PPC has completed the sale of its 51% stake in the Rwandan cement producer to Kenya-based Devki Group subsidiary National Cement, for US$42.5m. The divestiture advances PPC's strategic exit of Central and East Africa. As a result, the group's financial position is now cash positive. It had previously reduced its debt by 50% to US$20.3m from US$40.7m between March 2020 and September 2023.

PPC CEO Matias Cardarelli said "I am pleased with the timely completion of the sale of our stake in Cimerwa. The disposal allows us to focus on our core Southern African markets, where we see opportunities to drive improved profitability and secure a more sustainable return on capital."

Last modified on 31 January 2024
Published in Global Cement News
Tagged under
  • Devki Group
  • PPC
  • Rwanda
  • National Cement
  • Cimerwa Cement
  • Acquisition
  • Stake
  • Divestments
  • debt
  • Finance
  • Strategy
  • GCW644
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