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RMB Namibia and Ohorongo Cement Build Strong Partnership

Published on: 7 August 2015

RMB Namibia is delighted to have formed a strong Namibian partnership with Ohorongo Cement, owner of Africa’s most modern cement plant and the only one which exists in Namibia. The plant is a cornerstone of Namibia’s “Growth at Home” and industrialisation strategies in support of NDP4 and Vision 2030.

RMB Namibia is proud to have been appointed as mandated lead arranger in the restructuring and “Namibianisation” of the funding package for Ohorongo cement, previously dominated by the development banks – The German Development Bank DEG, The Development Bank of South Africa DBSA and Industrial Development Corporation IDC. The Development Bank of Namibia also played a critical early role in the project, by taking an equity stake in Ohorongo Cement, which it has now increased with the restructuring. FNB Namibia has also provided an N$100m working capital facility for the plant start up.

RMB Namibia provided bridge funding of N$ 290 million to allow Ohorongo Cement to early settle its European bank debt. Subsequently RMB Namibia extended N$ 350 million long term debt to Ohorongo, fully funded out of Namibia. RMB Namibia also extended N$ 150 million in working capital facilities to Ohorongo.

Ohorongo Cement does more than merely manufacturing cement. A host of supplier businesses have emerged around the Otavi cement plant, ranging from bush-clearing to pallet manufacturing to transport and catering businesses, employing more Namibians than the 300 workforce at the plant. The FNB Namibia Group is engaging with Ohorongo on this greater “ecosystem’’ including fostering partnerships with joint corporate social responsibility projects aimed at changing peoples’ lives and creating a better world.

Categories: Media Releases

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Schanzenweg 35, Klein Windhoek
P.O. Box 86842, Eros
Tel: +264 61 389 300

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Sargberg Plant, North Otavi
P.O.Box 444, Tsumeb
Tel: +264 67 235 7000

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