Cement News tagged: Corporate
China Resources Cement and BBMG sign strategic co-operation agreement
China Resources Cement said it has entered into a strategic co-operation agreement with BBMG Corporation. The parties will jointly explore the Chinese and overseas markets and further promote the advancement of the technology as well as the transformation and upgrade of the cement industry. Both companies will establish a market communications mechanism to strengthen the sharing of marke...
Nigeria: Ashaka Cement to be delisted from NSE
The Board of Directors of Ashaka Cement Plc have opted for a voluntarily delisting of the company from the Nigerian Stock Exchange (NSE) in violation of the exchange’s Free Float Deficiency provision of 20 per cent. According to the directors, Lafarge Africa Plc currently holds 84.97 per cent of Ashaka Cement, bringing the free float that is tradable on the NSE to 15.03 per cent as agai...
Indonesia: Bosowa Corp opens new 1.8Mta grinding plant
The Bosowa Corporation has started operation of two new facilities in Banyuwangi, East Java, built with a IDR1.59trn (US$118.2m) investment as part of its expansion strategy this year. The company has completed a cement grinding plant worth INR800bn and a liquefied petroleum gas (LPG) terminal worth INR787bn, are set to tighten Bosowa's grip on both the cement and energy industries in the sur...
Vietnam: Can Tho Mineral and Cement opens new plant in Phu Huu
Can Tho Mineral and Cement JSC (CCM) has announced that it has opened a new 0.5Mta cement plant on the Phu Huu industrial park near the border with Cambodia. The plant was built at a cost of VND180bn (US$8m). According to VietNam Finance, CCM believe that their investment is justified giving growing domestic demand for cement. According to estimates from the Vietnam's Cement Association, co...
China: Shandong Shanshui returns to profitability
Shandong Shanshui Cement has managed to turn its losses into profit following a year of defaulting on debts after a battle for control of the company. Deputy Chairman, Mi Jingtian, said that solutions to the CNY4.6bn (US$661.1m) of defaulted debt are now in place and the company has paid in full all outstanding interest. It has since regained a “normal working relationship” with commercial ...
Cemex closes sale of Ventika stake
Cemex announced that the company closed the divestment of its interest in the Ventika wind farm project. The Mexico-based cement producer sold its minority interest for around US$35m, with the proceeds of the transaction used mainly for debt reduction and general corporate purposes. Ventika’s entire equity is now owned by IEnova, part of Sempra Energy. Cemex Energia will remain as the manag...
Medcem adds more grinding capacity to Cameroon
Medcem Cameroon (Eren Holdings Group) announced this week that it will officially open its 0.6Mta Douala grinding plant today, Friday, 16 December 2016. It is just one of a number of new capacity projects that have been scheduled to boost Cameroon’s cement market in the next few years and yet the cement price remains high for this African nation. Cement prices might have been expected to s...
Cruz Azul to invest US$300m in plants
As part of its plant modernisation programme, Mexico’s Cruz Azul plans to spend US$300m in upgrading its four plants in the next four years. Cooperativa La Cruz Azul President, Guillermo Álvarez, said half of the sum would be spent in the next two years with the remainder earmarked for 2019-20. “We will make the investment in a gradual manner in each two-year period to prevent decapitalisat...
Lafarge Surma Cement acquires Holcim Bangladesh
The Board of Lafarge Surma Cement Ltd has approved the acquisition of 100 per cent shares of Holcim Bangladesh from LafargeHolcim Group. The transaction is subject to approval by the shareholders of Lafarge Surma as well as other regulatory and customary approvals in Bangladesh, according to a company statement. Following the completion of the transaction, the company will own the only clin...
Beat Werder new Head of Media Relations of LafargeHolcim
LafargeHolcim has appointed Beat Werder as new Head of Media Relations. He will assume his new role from March 2017 onwards and report directly to Caroline Hempstead, Group Head Communications, Public Affairs & Sustainable Development. Mr Werder previously held the position of Head of the State Secretariat for International Financial Questions (SIF) in Berne. Prior to that, he had been the ...
Oman: Raysut Cement CEO quits
Raysut Cement Company announced yesterday that its CEO, Salem bin Alawi Mohammed Baabood, has resigned. The Board of Directors accepted Mr Baabood’s resignation at a meeting on Tuesday. Mohammed Ahmed Aideed is to assume the functions and duties of group CEO until a new CEO is appointed.
Eric Olsen to chair Cement Sustainability Initiative in 2017
LafargeHolcim Chief Executive Eric Olsen has been appointed as chairman of the Cement Sustainability Initiative (CSI) for 2017. Mr Olsen’s appointment was confirmed at the CSI’s annual CEOs meeting this week. The CSI is part of the World Business Council for Sustainable Development and is made up of nine core members and 15 other participating members, drawn from the world’s largest cement ...
Pakistan: Fecto Cement joins race for Dewan assets
Fecto Cement has announced that it intends to enter a bid for Dewan Cement’s North plant, a 1.134Mta facility located in Hattar. Earlier this month, Lucky Cement indicated that it would put in a bid for the Hattar plant, while The News reports that a Chinese firm is also in the process of carrying out a due diligence investigation. In a trading update released to the Pakistan Stock Exchange...
Bahrain: APICorp acquires 30% Falcon Cement stake
Multilateral development bank Arab Petroleum Investments Corp (APICorp) announced it acquired a 30 per cent stake in Bahrain’s Falcon Cement Co (FCC), one of the largest cement producers in Bahrain. FCC has a current capacity of 1000tpd and is well on its way to more than double its production capacity to 2400tpd by 2017. The cement company is expected to capitalise on a series of major ...
Medcem Cameroon to officially open 16 Dec
Medcem Cameroon, owned by the Turkey-based Eren Holdings, will officially open its Douala plant on Friday, 16 December. With a production capacity of 0.6Mta, the cement plant represents an investment of XAF13bn (US$21m). The first cement was produced in October 2015. Medcem Cameroon is the third cement company to have launched on the domestic market in three years and the fourth cement ...
Tanzania: workshop looks to attract more women to the cement sector
Tanga Cement PLC Communications and External Affairs Manager, Mtanga Noor, said women can be industry leaders in the cement sector. She was speaking in regard to the Tanzania Women Chamber of Commerce (TWCC) workshop on the role of women in the fifth-phase government industrialisation drive campaign that was held recently in Dar es Salaam. Ms Mtanga said that they spent TZS8m (US$3666) to...