Cement News tagged: Corporate
Caribbean Cement secures loan to pay US$ debt
Jamaica's Caribbean Cement Co Ltd and its mining subsidiary have secured a five-year JMD3bn (US$23.53m) loan from National Commercial Bank Jamaica to pay back a US dollar debt. The amount will be repaid in Jamaican dollars at a rate of 7.45 per cent per annum. The company also has stated that some of the funds will be used for general corporate purposes, according to The Gleaner. Its mining ...
Fives FCB opens sales office in USA
Fives strengthens its global presence as it opens a new Cement and Minerals sales office in the USA. Through this new office, the company will improve the ways in which it addresses the requirements of the US market, and promote FCB technologies and services for the cement and minerals industries in terms of equipment, systems, revamping and complete line projects.
Graeme Bride appointed as plant manager of Tarmac's Aberthaw facility
UK-based Tarmac has appointed a new plant manager, Graeme Bride, at its facility in Aberthaw, south Wales. Mr Bride has 19 years of cement plant management experience from time spent in Nigeria and the Philippines. In his most recent role he was health and safety director at Lafarge Africa. "I am looking forward to working across departments to ensure we continue to drive performance to me...
Bamburi Cement forecasts profit drop of 25% in 2018
Bamburi Cement (LafargeHolcim group) has given a profit warning of earnings likely to drop by 25 per cent in 2018 following difficult market conditions and escalating international energy prices in Kenya and Uganda. "The company wishes to inform the shareholders and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts, the 2018 full-y...
JSW Cement to look at inorganic growth
India's JSW Cement has announced that it will be looking at inorganic expansion to reach its target of increasing capacity to 20Mta by 2020. The ongoing bad-loan resolution process has opened up opportunities to acquire cement assets in India. The company views the assets of debt-laden companies to have a strong potential to grow, while enabling swift scaling and optimisation of these capaci...
Oman Cement's Board gives go ahead for Duqum plant
Oman Cement company has informed Muscat Securities Market on 6 December that its Board of Directors has agreed to go ahead with setting up of a new integrated cement plant in Duqum area, in central-eastern Oman. According to company notification, the plant will have a clinker capacity of 5000tpd and envisages an investment of about US$212m. The project implementation process is being final...
Mahendra Singhi appointed as president of CMA
CEO of Dalmia Cement (Bharat), Mahendra Singhi, has been appointed as the new president of India’s Cement Manufacturers Association (CMA). Mr Singhi will take over the position from the outgoing Shailendra Chouksey. "India is on the cusp of great growth and infrastructure development. The Indian cement industry is at a significant moment of its history and I look forward to leading the associ...
Bamburi Cement issues profit warning for 2018
Kenya’s Bamburi Cement has issued a profit warning for the financial year ended December 2018, with investors expecting the company's lowest earnings in 10 years, according to Business Daily. "The Board of Directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that, based on the preliminary assessment on the unaudited consolidated man...
Sagar Cements announces new investments in plant projects
Sagar Cements has approved significant investment in both Satguru Cements and Jajpur Cements, which will enable the company to expand its presence in central and eastern India. "The board has approved a proposal to invest a sum of INR1.5bn (US$21.1m) in Satguru Cement Pvt Ltd (SCPL), Indore, to set-up a greenfield cement manufacturing plant of 1Mta capacity along with a waste heat recovery ...
Mbeya Cement opens Building Materials Academy
Mbeya Cement (LafargeHolcim group) has opened its Building Materials Academy in Dar es Salaam, Tanzania to improve the client understanding of the use of the company's products in the construction sector. Isle Boshof, Mbeya Cement's Chief Executive said: "The state-of-ther-art centre is a good avenue for stakeholders to learn about their wide-range of products." The centre will bring toget...
Long Son plant to enter second phase of expansion
The Vietnamese Prime Minister has issued guidelines on investment for the expansion of Long Son cement plant, Thanh Hoa, and has agreed to action the second phase with two additional production lines. Each line will add 2.3Mta of cement capacity and is expected to supply the construction of coastal and inland projects, in accordance with the country’s cement development plan for 2011-20. Lin...
GBL's Albert Frère dies at 92
Belgian investor Albert Frère has died at the age of 92, according to his investment company Groupe Bruxelles Lambert (GBL). Mr Frère, who had a private fortune estimated at around EUR6bn, supported major mergers and acquisitions such as the merger of Lafarge and Holcim into LafargeHolcim in 2015. "For more than three decades, GBL has developed under his leadership into one of the largest ho...
LafargeHolcim Bangladesh amalgamates subsidiary
LafargeHolcim Bangladesh Ltd (LHBL) informed Dhaka Stock Exchange on 2 December that the Board of Directors has decided to amalgamate of the company with its subsidiary Holcim Cement (Bangladesh) Ltd (HCBL). The amalgamation is subject to requisite approval of the banks and other creditors to the company, approval of the shareholders and finally, sanction of the Honourable High Court Divisio...
ACC to restructure existing debt
Egypt’s Arabian Cement Co plans to restructure its existing US$23m and EGP499.3m outstanding debts due to one of the country’s banks, through a syndicated loan from the European Bank for Reconstruction and Development (EBRD) and the Commercial International Bank of Egypt (CIB). The package will support the company’s long-term strategy to improve the energy efficiency and cost-effectiveness o...
India Cements to acquire Springway Mining
India Cements has entered into a share purchase agreement to acquire the entire shareholding of Springway Mining in a phased manner. On 3 December 2018 the company purchased the controlling stake of 51 per cent in the paid-up equity share capital of Springway Mining. The acquisition will support India Cements’ plans to set up a cement plant in Madhya Pradesh.
Hail Cement appoint new chairman and deputy chairman
Hail Cement Co's board of directors approved on 3 December the appointment of Ali Othman Al Zaid as the company's new chairman. Meanwhile, the Saudi Arabian cement producer has also appointed Qasem Saleh as the deputy chairman, the cement producer said in a bourse statement.