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SA banks provide R1.95b funding for Sephaku's new cement plant
According to Allafrica.com, Sephaku Cement, an associate company of JSE-listed Sephaku Holdings and a 64%-owned subsidiary of Nigeria's Dangote Cement, has secured R1.95-billion in debt funding for its R3.4-billion cement plant and grinding facility projects in South Africa. Sephaku announced that South Africa's Standard Bank and Nedbank had jointly funded the company's debt requirements in a 10-year deal valued at R1.95-billion.
Sephaku Cement is developing a production facility with a capacity of about 1.2-million tons of cement per annum at Aganang near Lichtenburg in North West province. The Nigerian-backed company will be looking to challenge big local producers Lafarge, PPC and AfriSam as the country's state-led infrastructure building programme starts to take off, Allafrica.com reports.
Greg Webber, head of mining finance South Africa at Nedbank Capital, described the agreement as "a strong endorsement of South Africa's economy and more particularly the need to meet our growing housing and infrastructure requirements".
[Read the [http://allafrica.com/stories/201210291282.html full article]] on http://allafrica.com.
