Cement News tagged: Corporate
West Pokot cement plant faces further construction delays
Simba Cement has come up against logistical difficulties in the construction of its West Pokot cement plant in Kenya. The project has been in planning for a decade and Simba Cement (National Cement - Devki Group) took over the project when it acquired the Indian company Cemtech Ltd earlier this year. The completion of the factory in Ortum is expected to be delayed by one year and Simba Cement...
Oficemen names Víctor García Brosa as new president
Spain’s cement association, Oficemen, has appointed Víctor García Brosa as its new president. Mr García Brosa is currently deputy general director of Cementos Portland’s managing board. A chemical engineer by training, he entered the cement industry in 2005, when he took up a post in Portland Valderrivas’ strategic planning unit. In 2015 he was appointed director general of the FCC subsidiary....
Premiere-Slag International to receive investment for plant project
Philippine-based AbaCore Capital Holdings Inc has announced a plan to invest up to PHP102m (US$1.9m) in Premiere-Slag International Inc to build and operate a cement plant. In a disclosure on Monday, the holding company said the investment translated to a maximum of a 10 per cent stake in Premiere-Slag, which "will operate a production facility to process and sell cement, or cement mixed with...
LafargeHolcim Bangladesh meets top brass of State of Meghalaya
LafargeHolcim Bangladesh held talks over the continued cross-border transfer of limestone between the state of Meghalaya in India and Chhatak in Banglaesh. The meeting was arranged on the sidelines of LafargeHolcim Bangladesh's Board of Directors meeting held recently in Shillong, Meghalaya. The company brings in limestone from its own mines in Meghalaya to produce clinker and cement a...
RAK Cement cancels cement plant acquisition plans
UAE-based Ras Al Khaimah Cement has reportedly cancelled a deal to acquire a cement plant and quarry as financing could not be arranged, according to Reuters. While the name of the plant and quarry were not released in the statement, the company had previously planned to acquire the Newtech cement plant and Al Banna quarry in Fujairah. However, the deal, valued at AED450m (US$122.5m), was pu...
Hsing Ta Cement records 22% revenue increase for August
Taiwan’s Hsing Ta Cement has seen a 21.6 per cent YoY increase in revenue to TWD727.86m (US$23.3m) for August 2019, compared with TWD598.65m in the year-ago period. In the first eight months of the year, the company recorded a 21.7 per cent YoY advance in revenue to TWD4.89bn from TWD4.02bn.
UltraTech MD to step down in December
Krishna Kishore Maheshwari will be appointed as UltraTech's first non-executive vice chairman as he retires from his managing director role on 31 December this year. Kailash Chandra Jhanwar, currently deputy managing director and chief manufacturing officer, will succeed Mr Maheshwari as MD after this date. Before serving three years as MD at UltraTech, Mr Maheshwari was the managing direct...
Emirates Cement to be sold to HeidelbergCement Bangladesh Ltd
UltraTech Cement Ltd (Aditya Birla group) is in the final stages of selling its stake in Emirates Cement Bangladesh to HeidelbergCement Bangladesh Ltd. Emirates Cement operates a 0.5Mta grinding plant in Mukterpur, Bangladesh. UltraTech has proposed selling its share holding in Emirates Cement at BDT17.09 (US$0.20)/share setting the total sales value stake in Emirates Cement at BDT2710m (US...
San Miguel's acquisition of Holcim Philippines undergoes further review
The Philippine Competition Commission (PCC) is conducting a further review of the US$2.15bn acquisition of Holcim Philippines by San Miguel Corp. As the initial 30-day review of the deal ended on 22 August, the PPC will now proceed to the 60-day Phase Two review. “Cement is a commodity with low product differentiation where brands undergo the same quality standards. While the transaction is...
Udayapur Cement sees reduced production due to power supply issue
Nepal’s Udayapur Cement Industry Ltd has seen reduced production and sales between August-September as a result of low voltage and abrupt power cuts, according to the company. Sanjay Lal Karna, chief of the production division, said that the state-owned factory has not been able to address market demand due to the power supply issues. "We could produce only 18,000t between 7 August and 5 Se...
CRH CEO sells shares in company
CRH Chief Executive Officer, Albert Manifold, has sold 102,621 shares at EUR29 each just below the 52-week high of EUR31, totalling EUR2.98m, reports the Financial Times. CRH recorded record cash profits in August 2019 at EUR1.54bn (GBP1.39bn) over 1H19, a 36 per cent rise on 1H18.
Sagar Cements sees improvement in consolidated production in August
India’s Sagar Cements has reported a 11.7 per cent YoY fall in its standalone production figures for August 2019, which declined to 182,891t from 207,008t. However, consolidated production climbed 2.5 per cent to 250,081t from 243,963t. Standalone cement sales were down 3.8 per cent YoY to 194,819t in the month, compared to 202,429t in August 2018. Meanwhile, consolidated cement sales advanc...
Vicem falls short of corporate valuation
The pre-equitisation valuation of the Vietnam Cement Industry Corporation (Vicem) carried out by an independent auditor fell short by nearly VND1.17trn (US$50.3m), according to the State Audit of Vietnam. The state audit agency informed the Ministry of Construction that the valuation of Vicem in October 2018 was VND28.22trn, including the state capital of VND27.8trn. However, the corporate ev...
Lucky Cement solicits modification in power supply licence
The Government of Pakistan's National Electric Power Regulatory Authority (NEPRA) has received an application from Lucky Cement (Pvt) Ltd, seeking permission to supply surplus power to any utility in DHA City, Karachi, as a bulk power consumer. To grant approval, NEPRA has asked all stakeholders, interested/affected persons and the general public to offer their comments in favour or against ...
Loma Negra to turn San Juan plant into grinding and dispatch unit
Argentina's Loma Negra has announced that it will be converting its 400tpd integrated plant in San Juan into a grinding and cement dispatch facility. "In the plant no more cement will be manufactured, the clinker will be brought from the Frías plant in Catamarca, located 600km away," said Ivan Malla, general secretary of the Argentine Mining Workers Association (AOMA). Of the 70 plant worke...
Luks Group (Vietnam Holdings) records 10% fall in turnover
Luks Group (Vietnam Holdings) Co Ltd has reported a 9.7 per cent YoY decrease in turnover to HKD330.6m (US$42.17m) for the six-month period ending 30 June 2019, compared with HKD366.2m in the 1H18. The company’s cement business saw a decline of 18 per cent YoY in turnover to HKD219.3m. The company has attributed the results to a fall in Chinese consumption, which resulted in reduced cement ex...