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PPC acquires stake in Ethiopia’s Habesha Cement Share Company

World Cement,

Pretoria Portland Cement (PPC) and South Africa’s Industrial Development Corporation (IDC) have made a joint investment in Ethiopia’s Habesha Cement Share Company in order to acquire a 47% overall stake. IDC invested US$9 million for 20% of this holding, whilst PCC invested US$ 12 million for 27%. The remaining 53% belongs to various local shareholders.

Habesha Cement plans to construct a 1.4 million t cement plant worth US$130 million, which will include financing from the Development Bank of Ethiopia. Construction work is already underway at the plant, which is located near the capital Addis Ababa, and operations are set to begin in 2014. There are long-term plans to construct an additional 3000 tpd kiln line to increase capacity further and meet local demand in the country.

Edited from various sources by Louise Fordham.

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