CHINESE company, West China Cement Limited, is to acquire a majority stake in Namibia's cement company, Ohorongo Cement, the company announced on Sunday.

The company seeks to acquire a 70% stake from Schwenk Zement International in a deal worth roughly N$14,9 billion (US$104,4 million) that was concluded on 3 January 2020.

Speaking to The Namibian, Ohorongo cement's spokesperson Frankleen Alberts said: "We confirm that Schwenk Zement International and West China Cement International entered into a sale and purchase agreement in respect of Schwenk Namibia shares."

In a statement, West China Cement said the sale is still awaiting the approval of the relevant authorities in Namibia.

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