Habesha Cement appoints new chairman, Ethiopia

Habesha Cement appoints new chairman, Ethiopia

Habesha Cement of Ethiopia has appointed a new chairman as well as new board members to reflect changes in the company's shareholding.

Tamiru Wondimagegn has been appointed as Habesha Cement’s new board chairman replacing Eng Gizaw Teklemariam. Mr Wondimagegn is a lawyer and board member of the cement company.

Habesha Cement, which was established in 2010 with 16,000 shareholders, has elected old and new board members for the seats which have recently been reduced from nine to 12, according to local press reports. Three board of director seats have been given to South Africa's International Development Corporation (IDC) and Pretoria Cement both of which jointly acquired a US$21m stake in Habesha Cement at the end of last year. PPC's US $12m cash investment secured 27 per cent equity and the IDC simultaneously invested US$9m for a 20 per cent stake.

Habesha is currently seeking financing for its new 1.4Mta cement project in Addis Ababa after the Development Bank of Ethiopia (DBE) reversed a decision to finance more than half Habesha's cement project costs.