Sept 4 (Reuters) - Fairfax Africa Holdings Corp FAHu.TO :
* Fairfax Africa announces partial offer to acquire shares of PPC Limited and support of proposed merger with AfriSam group proprietary limited through recapitalization transaction
* Partial offer to acquire shares of PPC representing a value of R2 billion for cash consideration of R5.75 (about $0.44) per ordinary share
* Unit submitted letter to board of PPC Limited to make partial offer to acquire shares of PPC representing value of R2 billion
* Fairfax Africa received irrevocable support of PIC, Phembani, AfriSam regarding partial offer, recapitalisation and merger
* Consideration for partial offer will be settled by FSA in cash
* FSA would hold approximately 23% of outstanding shares of PPC prior to consummation of merger
* FSA entered into non-revolving term letter of credit facility, available by way of letter of credit in amount of R2 billion
* Upon completion of offer, Fairfax consortium would hold about 38.6% of outstanding shares of combined company