PPC subsequently acquired shares from the other shareholders to take the original 27% to 31% and is in the final stages of acquiring the IDC’s 20%, which will result in a stake of a PPC stake of 51%.
The additional equity injection may be made pending the capital requirement to finalise the project.
PPC Expansion in Ethiopia
HCSCo is the first cement share company of its kind in Ethiopia, with more than 16 000 local shareholders. The company is planning to build a state-of-the-art cement plant with an annual capacity of 1.4 million cement tons . Work is currently underway to confirm capital costs and timeframes.
The HCSCo plant, which is currently in the early stages of construction, is located 35km north west of Addis Ababa, close to Holeta town in Oromia Regional State. Cement production is planned to commence Q1 2017 .
Cement production is planned to commence Q1 2017 and the plant’s immediate future development plan includes an option to double the capacity to 2.8 million tons per annum. During the initial construction phases, PPC will assist HCSCo by providing operational and technical expertise which will include the training of plant personnel at the PPC Academy in South Africa.