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News Industrial Development Corporation looking for larger stake in Ohorongo Cement

Industrial Development Corporation looking for larger stake in Ohorongo Cement

Written by Global Cement staff 09 May 2019
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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.

Last modified on 15 May 2019
Published in Global Cement News
Tagged under
  • Namibia
  • Ohorongo Cement
  • Industrial Development Corporation
  • South Africa
  • International Cement Group
  • Shares
  • Development Bank of Namibia
  • GCW404
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