R35 million boosts to a cement blending company to purchase plant
The investment will support 50 direct jobs in Westonaria, South of Johannesburg.
The growth experienced in the construction industry as evidenced by the emphasis in the infrastructure development drive by the government, has led the National Empowerment Fund(NEF) to advance R35 million to Value Cement, a cement blending company. The company is black-owned and blends produce and sells cement to a wide range of customers across the country, and has a strong pipeline of customers interested in their products including in the SADC region.
Jabulani Cekwana, Managing Director of Value Cement says that their business is a prime example of broad-based black empowerment with a significant percentage of directors and management being female.
The entity’s core business is the blending of top quality cement that is supplied to the infrastructure development sector and others. The invested R35 million will enable the company to own the property, plant and equipment they are currently renting as well as create 50 full time jobs in the process.
“We are very excited about this project not only because of its strong commercial merit but also its high developmental impact. The company will contribute to the country’s GDP and generate foreign revenue from exports into SADC and other regions. It will also generate in excess of 50 jobs and our investment will secure equity into the project which shall be warehoused for B-BBEE beneficiaries”, says Philisiwe Buthelezi, Chief Executive Officer at NEF.