{"id":264848,"date":"2019-04-26T09:50:34","date_gmt":"2019-04-26T07:50:34","guid":{"rendered":"https:\/\/informante.web.na\/?p=264848"},"modified":"2019-04-26T09:50:34","modified_gmt":"2019-04-26T07:50:34","slug":"chinese-acquire-ohorongo-cement","status":"publish","type":"post","link":"https:\/\/informante.web.na\/?p=264848","title":{"rendered":"Chinese acquire Ohorongo Cement"},"content":{"rendered":"<p><span id=\"fbPhotoSnowliftCaption\" class=\"fbPhotosPhotoCaption\" tabindex=\"0\" aria-live=\"polite\" data-ft=\"{&quot;tn&quot;:&quot;K&quot;}\"><span class=\"hasCaption\">Zorena Jantze<br \/>\nTHE deal has been inked and the Chinese owned company, International Cement Group (ICG), has acquired SCHWENK Namibia\u2019s 69.83% stake in Ohorongo cement.<br \/>\nOhorongo Cement was until recently owned by SCHWENK Namibia, Industrial Corporation South Africa (IDC) 14.27% and Development Bank Namibia (DBN) 11.73% and Development Bank of Southern Africa (DBSA) 4<span class=\"text_exposed_show\">.17%.<br \/>\nDi-Anna Grobler, Development Bank of Namibia (DBN) spokesperson stated that the bank and its shareholder the Government of Namibia was not aware of Schwenk International\u2019s intention to sell.<br \/>\nAccording to the Singapore Stock Exchange News Service (SENS), the agreed total price is US104.4 million in cash (approximately N$1.5 billion using a rate of USD to NAD14.5212 as at 12 March 2019).<br \/>\nThe minority owners and shareholders of Ohorongo, were only formally informed about the transaction at its last Board Meeting held in Windhoek recently.<br \/>\nCommunication informing DBN of such intention was sent on Sunday 10th March 2019. On Monday 11th March 2019.<br \/>\nSchwenk International announced that they negotiated and signed a Sales Purchase Agreement (SPA) with International Cement Group (ICG) to sell 100% of their stake in Schwenk Namibia.<br \/>\nThe SPA is for ICG to acquire 100% of Schwenk International\u2019s stake in Schwenk Namibia, which ultimately owns a 69.83% stake in Ohorongo Cement.<br \/>\nIn terms of the deal, International Cement Group (ICG) will take ownership of Schwenk Namibia and through its ownership, will own 69.83% of Ohorongo Cement.<br \/>\nThe 30.17% held by DBN, DBSA and IDC is direct ownership in Ohorongo, and is not shares in Schwenk Namibia. The sale of Schwenk Namibia does not reduce the number of shares owned by DBN, DBSA and IDC.<\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zorena Jantze THE deal has been inked and the Chinese owned company, International Cement Group (ICG), has acquired SCHWENK Namibia\u2019s 69.83% stake in Ohorongo cement. Ohorongo Cement was until recently owned by SCHWENK Namibia, Industrial Corporation South Africa (IDC) 14.27% and Development Bank Namibia (DBN) 11.73% and Development Bank of Southern Africa (DBSA) 4.17%. Di-Anna &#8230;<\/p>\n","protected":false},"author":11,"featured_media":264849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,24],"tags":[],"class_list":["post-264848","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chinese acquire Ohorongo Cement - Informant\u00e9<\/title>\n<meta name=\"description\" content=\"THE deal has been inked and the Chinese owned company, International Cement Group (ICG), has acquired SCHWENK Namibia\u2019s 69.83% stake in Ohorongo cement.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/informante.web.na\/?p=264848\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese acquire Ohorongo Cement - 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