South Africa: Prudential Investment Managers, one of the largest shareholders of PPC, has demanded the resignation of the chairman Peter Nelson. The shareholder sent a formal request to the cement producer because it wants the company to improve its operations, according to sources quoted by Bloomberg. In response PPC issued a statement admitting that it was talking to major shareholders over board positions. However, it defended the record of Nelson, saying that he had, “successfully led the company through a period of significant headwinds.”
PPC added that it has received nominations for Jabu Moleketi as successor to the chairman, and Anthony Ball and Noluvuyo Mkhondo to non-executive directorships.
Nelson was appointed as chairman of PPC in October 2016, shortly before it revived merger talks with AfriSam. Later in 2017 Canada’s Fairfax Financial Holdings made a bid for PPC on condition that it merge with AfriSam. Negotiations with LafargeHolcim, CRH and Dangote Cement but these were all abandoned.