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.