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NEF injects R35m funding into cement, BUSINESS REPORT


The National Empowerment Fund (NEF) has advanced R35 million to two black entrepreneurs to buy a further in 25.1 percent stake in a cement producing company. The funding will enable Cc 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 10 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 IIE director of Value Cement while Ngiba is the financial director The local cement industry is tit dominated by multinational th corporations, with no black entrants to date.

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