Nigeria’s Dangote invests ZAR 779mn in South Africa’s Sephaku Cement

By bne IntelliNews June 7, 2010
Nigerias Dangotewill invest ZAR 779mn in South Africas Sephaku Cement, raising its stake from19.8%, to 64%, after the manufacturing conglomerates initial ZAR 350mn investment.Sephakus new ZAR 3mn, 2.2mn-ton/year two cement manufacturing facilities willproduce clinker and cement, with a separate cement grinding facility. SephakuHoldings previously signed a mandate with Nedbank Capital to raise ZAR 1.8bn indebt financing for construction and Dangote will provide the guarantees tofinance the debt, fund project overruns up to ZAR 265mn with a commercial-termloan and fund Sephaku Cements limestone exploration project up to ZAR 35mnwith another. The main construction begins July-end. The local cement industryhas had no new entrants to the industry since 1934.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335