South African cement maker, Pretoria Portland Cement (PPC) has acquired 20 percent of Habesha Cement Share Company (HCSCo), an Ethiopian company, where it earlier acquired a 27 percent stake in 2012.

“We are very excited about our increased investment in Ethiopia; a country with a population of 91 million people that is set to reach 100 million by 2018 and having a growth rate that is expected to remain above 8 percent in the medium term,” Bheki Sibiya, Executive Chairman of PPC, said in an official statement.

With the new acquisition, PPC’s shareholding in HCSCo has risen to 51 percent. The remaining 49 percent is shared by more than 16,000 local shareholders.

HCSCo has begun the construction of a state-of-the-art cement plant with an annual capacity of 1.4 million tons. The plant will cost about US$135 million and will boost supply to Ethiopia’s fast-growing cement market. It is expected to be ready for commissioning in 2016.

Sibiya expressed belief that the new acquisition will provide further momentum to PPC’s growth strategy in Africa.

To further strengthen its presence on the continent, PPC has also signed engineering and procurement contracts for projects in Rwanda, the Democratic Republic of the Congo and Zimbabwe, the Sibiya added.

The acquisition will be concluded next month, subject to satisfying regulatory conditions.