The Development Bank of Namibia (DNB) is set to increase its stake in Ohorongo Cement this month, according to a report by AllAfrica news citing officials working on the new shareholding structure.

Foreign minority shareholders Development Bank of Southern Africa (which owns a 7.3 per cent stake and IDC of South Africa (which owns 20 per cent) are in the process of selling their shares to Namibian institutional investors such as pension funds. Schwenk Zement KG of Germany is the majority shareholder with about 60 per cent stake.

The official announcement is expected to be made on 29 July during the ground-breaking of the composite cement production plant and the inauguration of a training centre at Otavi where Ohorongo Cement's operations are based.

In its invitation to the event, Ohorongo said a Namibian shareholding structure will be announce, the new report added.