Tongaat Hulett turned in record results for its value-added starch and glucose operations and its property development business, as core sugar output withered in severe drought conditions in KwaZulu-Natal and in poor growing conditions in Mozambique and Zimbabwe. Dirk van Vlaanderen comments.
PPC, SA’s biggest cement producer, warned on Monday of a credit rating downgrade and said it was in the advanced stages of a capital raising exercise for up to R4 billion. The capital raise would reduce current debt levels and fund existing investment projects. Gross group debt was set to rise to between R10 billion and R12 billion in the next few years. Victor Seanie comments.