The ousted former head of South Africa’s PPC said on Tuesday he would hold on to his shares in the cement maker even if he does not return as chief executive.
Ketso Gordhan resigned abruptly in September after the board refused to back his decision to fire an executive. He later rescinded his decision but the board refused to reinstate him. PPC share prices have dropped 11% since Gordhan’s departure.
As requested by three shareholders with a combined 10% stake, a shareholder meeting is expected in early December to consider the removal of the company’s board.
“Even if I am not CEO, with an appropriate person that has been placed by the new board, I am going to hang on to my shares, because it’s a company with great potential and a great team,” Gordhan told CNBC Africa.
Major shareholders in PPC include the Public Investment Corporation, the government pension fund manager with nearly 12%, and Lazard Asset Management with just under 8%.
PPC is building cement plants in Ethiopia, Rwanda, the Democratic Republic of Congo and Zimbabwe with the aim of achieving 40% of its sales outside South Africa, where economic growth has been faltering.
http://www.moneyweb.co.za/moneyweb-industrials/former-ceo-of-ppc-says-to-hold-on-to-his-shares
