Ohorongo Cement financial restructuring

Funding for Ohorongo Cement is being restructured to come more from Namibia rather than from sources such as the German Development Bank and Industrial Development Corporation. RMB Namibia, a division of FNB Namibia Limited, has been appointed as mandated lead arranger in the restructuring. The bank provided bridge funding of N$290 million to allow Ohorongo Cement to settle its European bank debt, then extended a further N$350 million long-term load to make the project fully funded from within Namibia. The Development Bank of Namibia also has an increased stake in the company and FNB Namibia provided a N$100 million working capital facility for the plant start-up.

Ohorongo Cement was launched in 2010 by Schwenk Zement International and is described as one of the cornerstones of Namibia’s ‘Growth at Home’ and industrialisation strategies. Namibia is experiencing double-digit growth in construction and large capital projects.

Edited from various sources by Katherine Guenioui

Sources:

• Oshili 24
• The Namibian
• New Era

Read the article online at: https://www.worldcement.com/africa-middle-east/11082015/ohorongo-cement-financial-restructuring-307/