PPC increases stake in Ethiopia to 51%

IN A DEAL WORTH $13M.

PPC announced the successful acquisition of the Industrial Development Corporation’s 20% stake in Ethiopian based Habesha Cement Share Company (“HCSCo”) for a purchase consideration of USD 13 million. PPC’s initial 27% stake in HCSCo, acquired in July 2012, now rises to 51% while the balance of the shareholding in HCSCo is held by over 16 000 local shareholders. Source: Money Web