New Wealth Capital Financial Services which is linked to well known online forex entrepreneur Michael Amushelelo has offered to buy Ohorongo Cement after its sale to a Chinese company was blocked by the competition watchdog.
In a letter seen by Eagle FM to Schwenk Zement KG Managing Director Hans-Wilhelm Schutte, the company notifies that it had caught wind that Ohorongo was back on sale again and thus wanted to discuss their bid offer.
“It is for this reason that we are writing you this email to set up a meeting to discuss our bid offer and proprietary information. Given the complex nature of how Covid-19 pandemic has affected us all with travel restrictions we are willing to have (a) video conference meeting if needed,” says Wealth Capital Financial Services’ Chief Financial Officer, Gregory Cloete.
The Namibian Competition Commission has since blocked the N$1,5 billion sales of Ohorongo Cement to a Chinese company after they got convinced that this would kill competition in the cement manufacturing industry.
The competition watchdog has also been suspicious of price potential price fixing as well as collusion which all does not play in the best interest of consumers.
