PPC shareholders overwhelmingly approve rights issue

South Africa's PPC shareholders on Monday overwhelmingly approved the company's proposal to raise up to R4-billion ($289-million) in a share issue, as the loss-making cement maker seeks cash to reduce debt. PPC, which has pushed deeper into the rest of Africa as profit has slumped in its domestic market, is raising funds after a credit rating downgrade to "junk" status by ratings agency S&P.