Displaying items by tag: Development Bank of Namibia

Namibia: The Industrial Development Corporation (IDC), a South African development finance institution, says it would like to increase its share in Ohorongo Cement. It has made the statement in response to the acquisition of a majority stake in the cement producer by Singapore’s International Cement Group in March 2019, according to the Namibian Sun newspaper.

The IDC owns a 14% stake in Ohorongo Cement. It says it is committed to Ohorongo Cement and that it wants to support Namibia's indigenisation programme through local ownership. It is talking to other shareholders including the Development Bank of Namibia (DBN), which owns an 11% stake in Ohorongo. The DBN has also expressed concerns on the takeover by International Cement Group.

Namibia: The Development Bank of Namibia (DBN) says it will consult the government about its minority stake in Ohorongo Cement following the purchase of a majority share in the cement producer by Singapore’s International Cement Group. International Cement Group acquired a 69.8% share in Ohorongo Cement from Germany’s Schwenk Namibia in March 2019, according to the Namibian newspaper. The DBN said that it originally invested in Ohorongo Cement to promote economic development in Namibia.

Namibia: All Africa has reported that the Development Bank of Namibia (DBN) plans to increase its stake in Ohorongo Cement, Namibia's only cement producer, in July 2015.

Foreign minority shareholders Development Bank of Southern Africa (which owns a 7.3% stake) and IDC of South Africa (which owns 20%) are in the process of selling their shares to Namibian institutional investors such as pension funds.

According to sources who preferred to stay anonymous, since the official announcement will only be made later this month, Germany's Schwenk Zement is the majority shareholder with a stake of around 60%. The official announcement is expected to be made on 29 July 2015 during the ground-breaking of the composite cement production plant and the inauguration of a training centre at Otavi, where the company's operations are based.