DBN ups stake in Ohorongo Cement, Namibia

The Development Bank of Namibia has increased its stake in Ohorongo Cement, which is majority-owned by Schwenk Zement KG of Germany from 10 to 11.72 per cent.

"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,"  chairperson of the bank, Penny Akwenye, said.

The US$278m Polysius-built plant started production in December 2010 and has a capacity of 0.7Mta.

Ohorongo MD Hans-Wilhelm Schutte said the company has opened a new special composite cement plant involving an investment of N$150m. In another development, minister of mines, Obeth Kandjoze, inaugurated the first ever simulation training centre at the plant.