Namibia's largest cement manufacturing company Ohorongo Cement has been acquired by West China Cement, Ohorongo Cement said in a statement on January 5.
According to the statement the deal was reached following protracted negotiations starting from last year when the owners of Ohorongo Cement announced plans to sell their mine which has over 80 percent of the raw materials on site.
Ohorongo Cement confirmed that a deal had been struck on January 3 between the two companies and the take-over will soon be completed following Namibian regulatory approval.
Ohorongo Cement was initially set up to supply the Namibia and Angolan a markets following a boom in the construction sector of the two countries in the past years.
Formerly owned by the Schwenk family, one of the richest German families, Ohorongo Cement is situated in Otavi in the northern part of the country. West China Cement is one of the leading cement producers in west China's Shaanxi Province.