Windhoek, Namibia, June 13, 2018 --(PR.com
)-- Groot Glass (Pty) Ltd. has secured USD $525 million in debt financing, which is 70% of the total USD $750 million needed for the construction of the two different glass manufacturing factories in Tses Village of the Karas Region and the required infrastructure and raw materials from around Namibia, Botswana and South Africa.
Groot Glass needs a total of USD $750 million in financing, which is structured as follow; 70% of USD $750 million is being financed as debt (loan) by a European banking institution and the difference of 30% needs to be equity financed (private investment), of which Groot Glass is currently in discussion with private investors for the equity funding. The total funding of USD $750 million is poised to give Groot Glass a valuation of about USD $20 billion.
Groot Glass is focusing on the manufacturing of a wide range of quality glass for the construction industry, kitchenware, beverages, pharmaceuticals, touch screen devices, automobiles, solar panels, eyewear, and other industrial applications.
Groot Glass is starting out initially with the construction and commissioning of two different glass manufacturing factories; Groot Container Glass and Groot Float Glass Factories.
The Groot Container Glass Factory is installing a technology with the capacity of producing 350 metric tons per day of glass with one furnace, 12 production lines and equipment designed to produce glass containers from 88ml to 1,000ml, in different sizes and color; green, flint and amber glass bottles for the beverage and food industry, soft drinks and juices as well as for the pharmaceutical industry for the local and regional markets.
The Groot Float Glass Factory is installing a 600 metric tons per day of float glass for the construction as well as for the solar panels and automobile industry.
"We have assembled the world's best technical, technology and engineering companies from Germany, Italy, Ukraine, and the USA such as Heye International, MSK, Sorg, Horn, Zippe, Grenzebach, Siemens, Techmash, Specstrojmontazh-Ukraina, and others for the supplying of equipment, technology, engineering and construction of the Groot Glass Manufacturing Factories in Tses. We have also assembled the world's best team of professionals mostly from India, Germany, South Africa and Italy with more than 600 years of combined experience in glass manufacturing, technology and engineering, who are tasked for the smooth production and operations of Groot Glass. Our aim at Groot Glass is to produce and market the world's quality glass products for the local and regional markets," states Simon Kapenda, Founder of Groot Glass.
The construction of the two Groot Glass factories in Tses is expected to start upon the Company has secured the required 30% equity funding. More than 650 construction workers are needed during the construction which will last for about 24 months for the Groot Container Glass Factory and 36 months for the Groot Float Glass Factory.
Groot Glass has received a Letter of Intent (LOI) from Namibia Brewery Limited (NBL), Namibia's largest brewery as well as from SABMiller Brewery in Okahandja to supply NBL and SABMiller with great glass bottles. Groot Glass also expects TransNamib, Namibia's railway company to generate more than USD $1 billion over a period of 10 years by transporting the raw materials and manufactured glass products for Groot Glass.
"We are just happy to help make an economic contribution to our country and by helping to create thousands of better paying jobs for our fellow country citizens, throughout Namibia," exclaims Elikana Nangolo, President and COO of Groot Systems.
Groot Glass has received overwhelming blessing and support, in writing, by the Namibian Government and the ruling SWAPO Party and has received an environmental clearance in accordance with The Environmental Management Act of 2007 of the Ministry of Environment and Tourism of the Republic of Namibia.
Groot Glass is a development joint-venture between Groot Management Systems (Pty) Ltd., a Namibia-based and owned company and Tses Village Council of the Ministry of Regional and Local Government, Housing and Rural Development, in which Tses Village Council owns 15% shareholding.
About Groot Glass
Founded in 2012, Groot Glass (Pty) Ltd. is a Namibia-based premier company focusing on the manufacturing of a wide range of quality glass for the construction industry, kitchenware, beverages, pharmaceuticals, touch screen devices, automobiles, solar panels, eyewear, and other industrial applications. Learn more about grootgroup.com/glass.
Groot Glass (Pty) Ltd
Dr. Frans Indongo Street
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