Portland Pretoria Cement (PPC) disclosed it acquired the 20 percent stake Industrial Development Corporation had in Habesha Cement Share Company (HCSCo). PPC bought out Industrial Development Corporation for U.S. $ 13 Million.

Initially PPC owned 27 percent of the cement factory and acquired the sum back in July 2012. Following the buyout, its stake in the factory raised to 51 percent.

According to Fana Broadcasting Corporate, balance of the shareholding in HCSCo is held by over 16 000 local shareholders.

Commenting on the development, PPC executive chair, Bheki Sibiya, said; "We are very excited about our increased investment in Ethiopia - a country with a population of 91 million people that is set to reach 100 million by 2018 and having a growth rate that is expected to remain above 8% in the medium term".

The Executive Chair furthered, "This Acquisition will provide further momentum to our growth strategy on the continent. PPC has, in addition to the HCSCo project, signed EPC contracts for projects in Rwanda, the Democratic Republic of the Congo and Zimbabwe - all with construction underway."

Source: Fana Broadcasting Corporate