The Public Investment Corporation (PIC) had increased its investment in PPC to 15.165%, the South African cement producer yesterday.
The PIC confirmed in December when the AfriSam Group made a non-binding proposal of a merger with PPC that the corporation held 12.57% of PPC and 66% of AfriSam.
Talks between the two cement producers were halted in March when they were unable to reach consensus on the terms of the proposed merger.
