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.
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