South Africa's PPC prices $281m rights issue at R4 a share

South Africa's PPC priced its R4-billion ($281.5-million) rights issue at a 55.5% discount on Wednesday as the cement maker fights for survival in the face of depressed domestic growth. PPC said it would sell one-billion shares at R4 each to its shareholders, well below the stock's closing price of R8.99 on Aug. 19. The shares, which have slipped 42% this year, closed down 3% at R8.73 on Wednesday.