Big four banks take 'meaningful' stake in AfriSam in debt swap deal | Fin24
South Africa's big four banks have collectively secured a multi-billion rand stake in cement manufacturer AfriSam. The debt-to-equity swap deal has reduced the construction materials group's debt by R6.5 billion, from R8.6 billion to a"sustainable debt level" of R2.1 billion.
"The capital restructuring transaction results in South Africa’s four largest banks having individual equity stakes in the business that are meaningful but not controlling stakes," said AfriSam in a statement. The company added that its existing shareholder debt had also been converted into equity. AfriSam’s major shareholders include the Government Employees Pension Fund, which invested through the Public Investment Corporation and the Phembani Group.
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