CORRECTION: DBN increases shares in Ohorongo Cement

30 Jul 2015 12:20pm
CORRECTING: REPLACING Development Bank of Southern Africa WITH Development Bank of South Africa IN FOURTH PARA.

OTAVI, 30 JUL (NAMPA) – The Development Bank of Namibia (DBN) in June this year increased its shareholding in the Ohorongo Cement company from 9,07 per cent to 11,73 per cent.
Ohorongo Cement Managing Director (MD), Hans-Wilhelm Schütte announced this here during a media briefing, adding that Schwenk Namibia (PTY) LTD holds the most shares of 69,83 per cent in the company at the moment.
The Industrial Development Cooperation (IDC) of South Africa has 14,27 per cent, followed by the DBN.
The Development Bank of South Africa holds 4,17 per cent shares.
The Ohorongo Cement plant, situated over 30 kilometres north of Otavi in the Otjozondjupa Region, was founded in 2007 and its first cement production was during 2011.
Schütte said Ohorongo has a world-class technology cement production plant that makes it easy to excavate lime stones, crash and process it into cement of high quality.
The value addition aspects are done at the factory, including the packaging of cement.
The Ohorongo MD said the company created about 2 000 jobs indirectly and directly over the past five years.
The plant manufactures approximately 4 400 bags of cement per hour.
Since inception, about 2,4 million tons of cement has been produced, which according to Schütte, is “tremendous business dealing”.
The cement is sold at locally and exported to Angola, Zambia, Botswana, Democratic Republic of Congo (DRC) and Britain.
The Chairperson of DBN Board, Penny Akwenye, said during the same occasion that it is a fact that Ohorongo Cement is well-managed and governed to the level that it has proven its ability to compete with other international companies.
She said it is with these business and economic factors in mind that the DBN opted to increase its shares in Ohorongo, in order to generate returns that would be used to finance other projects in the country.
“Our equity investment in Ohorongo is an investment in development that satisfies requirements of development at many levels,” Akwenye said.
The local authority councillors and chief executive officers of Otavi and Tsumeb also attended the event.
(NAMPA)
MS/CT/ND