Schwenk sale deal to close on 31 July 2019

12 Mar 2019 18:10pm
WINDHOEK, 11 MAR (NAMPA) - Schwenk Namibia (PTY) Ltd, which owns Ohorongo Cement (PTY), is expected to close the sale deal with International Cement Group Ltd. (ICG), a Singaporean company, on 31 July 2019.
This was revealed by the Manager for Customer Relations and Public Affairs at Ohorongo Cement, Frankleen Alberts upon enquiry on Tuesday.
She however said the closing day for the sale deal will not affect Ohorongo.
“The final closing of the deal is only expected on 31st July 2019. During this period the business will continue as usual. Reference is made to the press release issued by ICG, that the acquisition will not affect the operational business of Ohorongo Cement and its related companies, nor its business partners, Alberts explained.
In a media statement issued on Monday, ICG announced that the company signed a share purchase agreement with SCHWENK Zement International to acquire 100 per cent of its share in SCHWENK Namibia.
ICG is listed on the Singapore Stock Exchange mainboard with its core business in cement and a key focus to invest in the business of production, sale and/or distribution of cement in Central Asia, Africa and South-East Asia.
The statement highlighted that the acquisition of SCHWENK Namibia, marks the group’s first foray into the African cement market while gaining an immediate operational presence in the African cement market.
“ICG hopes to carry on the success story of Ohorongo cement in Namibia and beyond and is confident that the consumption of cement in Africa will continue to grow alongside rapid infrastructure development in the region,” it further read.
SCHWENK Namibia owns approximately 70 per cent of the shares of Ohorongo Cement, the first fully integrated cement producer in Namibia.
SCHWENK Namibia also in a media statement on Monday said the company decided to divest its Namibian assets according to its strategy to concentrate on the core business of cement, concrete and aggregates in Europe.
The completion of the transaction, it continued, is subject to the approval of the relevant authorities.
Commissioned during December 2010 and initiated by SCWENK in 2007, the Ohorongo Cement plant is situated over 30 kilometres north of Otavi in the Otjozondjupa Region.
The cement is sold at locally and exported to Angola, Zambia, Botswana, Democratic Republic of Congo (DRC) and Great Britain.
(NAMPA)
SP/EK/HP