NEF injects R35m funding into cement, BUSREP.CO.ZA
Busrep.co.za – Business Report
The National Empowerment Fund (NEF) has advanced R35 million to two black entrepreneurs to buy a further 25.1 percent stake in a cement producing company.
The funding will enable Jabulani Cekwana and Siphindile Ngiba to increase their shareholding in Value Cement to 73.79 percent. The investment will also facilitate a 43 percent female participation and a 57 percent direct and operational involvement by black management.
The funding will also enable Value Cement to own the property, the plant and the equipment it is renting as well as create 50 full time jobs.
Cekwana is the managing director of Value Cement while Ngiba is the financial director.
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