PPC outlines plan for immediate liquidity squeeze as it works on rights issue

Embattled cement producer PPC is finalising a R3-billion to R4-billion capital raising plan in parallel with urgent efforts to bed down a R2-billion bridging guarantee facility to settle outstanding obligations to bondholders that come due on June 23. The JSE-listed group is facing serious liquidity problems following a recent downgrade by S&P Global Ratings, which triggered an early redemption of R1.75-billion, plus interest, to noteholders.