The Development Bank of Namibia has increased its stake in Ohorongo Cement, majority-owned by Schwenk Zement KG of Germany from 10% to 11, 72%.
Chairperson of the bank, Penny Akwenye, said: “The bank’s decision to increase its shareholding in Ohorongo Cement is firstly driven by its equity investment strategy to take up shareholding in business projects and secondly its desire to invest in quality assets with potential to earn profits to finance future development,” she said.
Other shareholders are the Development Bank of Southern Africa (7, 3%) and IDC of South Africa (20%). Ohorongo commenced production in December 2010 and produces about 700,000 tonnes of cement annually for the local market as well as for export.
Ohorongo MD Hans-Wilhelm Schütte said the company has invested N$150 million in a new production plant, which was opened on Wednesday. At present, Ohorongo supplies the Namibian market and export market with only three different product types.
The new production unit will enable Ohorongo to produce various other types of high-quality cement.
