The Development Bank of Namibia is set to increase its stake in Ohorongo Cement this month, according to officials working on the new shareholding structure.
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, Schwenk Zement KG of Germany is the majority shareholder with about 60% stake.
DBN spokesperson, Jerome Mutumba declined to comment when asked if the bank was in the process of increasing its stake of 10% in Ohorongo.
The official announcement is expected to be made on 29 July during the ground-breaking of the composite cement production plant and the inauguration of a training centre at Otavi where the company operations are based.
In its invitation to the event, Ohorongo said a Namibian shareholding structure will be announced.
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