Schwenk Zement to sell Namibia's subsidiary

The decision was made despite the rejection by the competition watchdog

Schwenk Zement announced it has further interest to sell its local subsidiary Schwenk's Namibia, reports All Africa. The acquisition was proposed by West China Cement, but the competition watchdog rejected the intended deal.

Schwenk Namibia owns about 70% of the shares of Ohorongo Cement, the first fully integrated local cement producer.

Other shareholders are the Industrial Development Corporation (IDC), Development Bank of Namibia (DBN) and the Development Bank of Southern Africa (DBSA).

Schwenk's strategy is set to concentrate on the core business cement, concrete and aggregates in Europe.

The company is interested in selling Schwenk's Namibia to interested parties under the following requirements: financial capabilities to make the acquisition and further develop the business; deep understanding and expertise in the cement business and a keen interest to further develop "growth at home".