Groot Glass Secures USD $525 Million in Debt Financing
FOR IMMEDIATE RELEASE -- WINDHOEK, Namibia, June 12, 2018 (Groot Systems) --
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 (NAD $10 billion) 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
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
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
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
"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
1755 Dr. Frans Indongo Street
Safe Harbor Act
This press release includes "forward-looking statements" within the meaning of the
safe harbor provisions of the United States Private Securities Litigation Reform Act
of 1995. Actual results may differ from expectations, estimates and projections and,
consequently, you should not rely on these forward looking statements as predictions
of future events. Words such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts,"
"potential," "continue," and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ materially from the