Cheetah Cement halts layoffs after merger approval

Cheetah Cement has halted planned retrenchments at the company after the ministry of industries reversed a decision to block its takeover of Ohorongo Cement.

The company began discussing the retrenchment of 87 workers in March following financial losses caused by export restrictions and the failed merger attempt.

Industries, mines and energy minister Modestus Amutse announced in the Government Gazette on Wednesday that he had overturned the decision by the Namibian Competition Commission to block the purchase after an appeal by Chinese-owned Whale Rock, which owns the Cheetah Cement brand.

“We are excited about the decision [to allow the merger]. We had begun negotiations about retrenchments, but all that has now been ceased,” Cheetah Cement spokesperson Tabby Moyo told The Namibian yesterday.