Cement News tagged: Corporate
Titan Cement International makes debut on Brussels, Paris and Athens stock markets
Titan Cement International SA, the new parent company of Titan Group, made its official debut in the stock markets of Euronext Brussels, Athens Stock Exchange and Euronext Paris on Tuesday. A total of 78,668,627 common nominal shares began trading in the Euronext markets under the tick name (TITC) at 09.00 Brussels time, while trading in the Athens Stock Exchange began at 10.30h local time....
Shui On Cement to be compensated for plant closure
Hong Kong-based Socam Development said the Kaili government in Guizhou, China, is expected to compensate its subsidiary Shui On Cement with CNY171m (US$24.85m). The funds are to reimburse the costs and expenses related to the closure of its plant, which resulted from the central government's policy of phasing out of backward and energy-inefficient capacity, according to The Standard. The ce...
Sigus Cement to start national distribution
Sigus Cement’s plant in d’OUm El Bouaghi, Algeria, has launched its grey cement onto the national market, according to its Managing Director, Fawzi Bachiri. The cement company started production at the 2.2Mta works in the first quarter of 2019, following a DZD51bn (US$426.8m) investment and 31 months to project completion. The new supply of cement will accelerate the completion of construc...
MLMC rebrands to NuCycle Energy
US-based Materials Lifecycle Management Co (MLMC) is now NuCycle Energy. The company’s rebranding is reflecting its mission to be the “indispensable supply chain link between end-of-use materials generated by commercial and industrial businesses and the responsible avoidance of fossil fuel use by energy intensive industries,” according to Todd Wenner, president and CEO of NuCycle. “NuCycle...
National Cement's acquisition of ARM blocked
The acquisition of ARM Cement for US$50m by National Cement has hit a legal block. ARM's former CEO and leading shareholder, Pradeep Paunrana, has challenged the sale in the High Court, saying that ARM Cement has been undervalued and that his consortium had offered a bid of US$65m for ARM Cement. The administrator of the sale, PricewaterhouseCoopers (PwC), claims that the US$65m bid was turne...
Keystone Cement to switch to natural gas
USA-based Keystone Cement has announced that its application for a US$320,950 state grant to extend a natural gas line to its plant in East Allen Township, Pennsylvania, has been approved. The company is looking to phase out coal in favour of natural gas as its primary fuel source, according to The Express Times. "The gas line will fuel the Portland cement rotary dry-process kiln and the preh...
ACC records 39% rise in net profit for 2Q19
India’s ACC Ltd (Ambuja Cements) has reported a 38.6 per cent YoY rise in consolidated net profit to INR4.56bn (US$60.26m) for the 2Q19, due to an improvement in operating performance. Total revenue increased 7.8 per cent to INR41.50bn against INR38.48bn in the year-ago period. EBITDA also advanced 25 per cent to INR7.83bn. However, the cement sales volume was flat at 7.2Mt. Ready-mix concre...
Cimgabon cement output up 53% in 1Q19
Cimgabon’s cement production surged by 52.5 per cent to 112,349t in the first quarter of 2019 when compared with the 1Q18, when it produced 73,633, according to Directinfosgabon. The rise in output is attributed to more efficient use of production equipment and the resumption of cement production since July 2018. Cement sales increased 49.7 per cent YoY to 112,712 in the 1Q19 as domestic de...
Mixed dispatches expected for Pakistan's cement sector in FY19
Pakistan's cement industry is likely to report mixed dispatches data for FY19. According to a sector research report released by Topline Securities, domestic dispatches will drop by three per cent, while total dispatches will increase one per cent in FY19 with the sales mix shifting in favour of overseas exports by southern players. Cumulatively, exports are expected to increase 37 per cent...
UltraTech's acquisition of Century Cement to be completed soon
India’s UltraTech Cement has confirmed that it will complete the merger of Century Cement in the second quarter of the FY19-20. The only pending approval which remains for the deal is the transfer of mining leases, which is expected to be completed soon, according to Kumar Mangalam Birla, chairman of the company. "After the completion of the Century Cement transaction, coupled with the on-goi...
Cementos Pacasmayo announces 12% revenue increase
Peru’s Cementos Pacasmayo has announced a 11.9 per cent YoY increase in revenue during the 2Q19, mainly attributed to an 11.8 per cent rise in the sales volume of cement, concrete and precast. Net income advanced 37 per cent to PEN32.2m (US$9.8m), while its consolidated EBITDA climbed 11.3 per cent YoY to PEN94.3m. However, the cement EBITDA margin dropped from 30.3 per cent to 29.2 per cent ...
CDPQ to invest additional CAD150m in Ciment McInnis
Caisse de dépôt et placement du Québec (CDPQ) will invest a further CAD150m (US$115m) to Ciment McInnis, despite evaluating a possible divestment in the cement maker over the past year. A consortium of 11 Canadian and international banks has also extended a CAD300m loan to the company and Beaudier Inc has invested a further CAD50m. “The context has changed because the cement plant has a very...
Titan completes successful share exchange tender for Euronext and Athens listings
Titan Cement Co SA has announced the successful voluntary share exchange tender offer submitted by Titan Cement International SA to the shareholders of Titan Cement SA. The tender acceptance rate of 90 per cent was exceeded with 93 per cent acceptance rate for the ordinary shares and 92.3 per cent for the preference shares. Titan Group will be listed through Titan Cement International SA on E...
Government extends deadline for Cimerwa stake
The Government of Rwanda has moved the deadline to sell its stake in Cimerwa from 5 to 19 July, with the extension providing a chance for more individual investors and companies to submit a proposal, according to the Rwanda Development Board. The government and its affiliates hold a 49 per cent stake in the company, while South Africa’s PPC is the majority shareholder at 51 per cent. The Rwa...
WCA appoints vice president
The World Cement Association (WCA) has appointed Mohammed A Al-Garni as its vice president. Mr Al-Garni is the CEO of Saudi Cement Co and board member of WCA. "It is a great honour to be chosen as the new Vice President of the World Cement Association and I am really excited to participate in helping it grow further, supporting the association in its role as the voice of the cement industry g...
Oman Cement Co reports 52% fall in profit
Oman Cement Co has reported a 52 per cent YoY fall in profit after tax for its 1H19 unaudited results, decreasing to OMR2.3m (US$6m) from OMR4.8m of the year-ago period. The first six months of 2019 saw total revenue at the company remain flat at OMR26.3m.