Cement News tagged: Corporate
Maple Leaf Cement updates about expansion
Maple Leaf Cement Factory Ltd has advised the Pakistan Stock Exchange (PSX) about the company's progress on the implementation of the additional of 7300tpd clinker line at its Iskanderabad plant. The project will raise the plant's total grey cement capacity to 18,000tpd at a cost of INR25bn. The project cost is being financed approximately 17 per cent by way of right issue, 51 per cent throu...
LafargeHolcim on track to open new Cimencam plant in early 2019
Construction on the new Cimencam plant in Nomayos, Cameroon, is progressing well and the 0.5Mta works is on track for commissioning in early 2019, according to reports by Ecofin Agency. "In terms of investments, I think Nomayos is the most important. When we go to Nomayos today, there are almost 200 people working, some Chinese and many Cameroonians. The civil engineering is well advanced, ...
Lafarge Malaysia MYR270m ECRL contract suspended
Lafarge Malaysia Bhd MYR270m (US$66.7m) contract to supply cement to the East Coast Rail Link (ECRL) project has been suspended. The cement producer said that China Communications Constructions (ECRL) Sdn Bhd (CCC), the main contractor to the project, has suspended the contract as the government is currently reviewing the project. LafargeHolcim’s wholly-owned subsidiary had signed an ag...
Shree Cement acquires 98% stake in UCC
Shree Cement has completed the acquisition of a 97.6 per cent stake in the UAE’s Union Cement Co (UCC). The deal was struck through the company’s wholly-owned subsidiary, Shree International Holdings, incorporated in the UAE. The acquisition was managed by Ras Al Khaimah’s Investment and Development Office (IDO) on behalf of the government, according to an official statement. "The acquisiti...
Mindanao region poised for higher cement demand
Currently in the Philippines, there are about 60 nationwide infrastructure development projects related to Build, Build, Build scheme and about 14 of these are in Mindanao. Most of those in Mindanao are still in the feasibility study stages and may start construction by next year. Mindanao Development Authority (Minda) Assistant Secretary, Romeo Montenegro, said as there are no apparent...
ARM negotiating US$120m loan deal with IFC
ARM Cement Ltd of Kenya is trying to reach an agreement with the International Finance Corp about a capital injection of US$120m in loans, acccording to ARM's Chief Executive Officer, Pradeep Paunrana. "Nobody just gives you US$120m without conditions," Mr Paunrana said. "We are in discussions, it is not a facility, it is a term sheet. There are conditions attached to this." The main conditi...
Former Vicem general director dismissed from executive comittees
Tran Viet Thang, former general director of the Vietnam Cement Industry Corporation (Vicem), has been dismissed as member of the Executive Committee of the Central Businesses’s Party Unit and member of the Executive Committee of Vicem's Party unit. Thang has been found guilty of several legal violations as well as breaking Party rules. Tran Viet Thang took control of Vicem, the country's lead...
Steppe Cement 1H18 volumes rise by 14%
In the 1H18 Steppe Cement Ltd sold 738,228t of cement for KZT10,539m (US$30.7m), compared with 650,333t of cement for KZT8553m in 1H17. This represents an increase of 14 per cent in volume and an increase of 23 per cent in turnover over the same period in 2017. The average price for the current period for delivered cement was KZT14,276/t (ex VAT), compared with KZT13,151/t in the correspondi...
Thayet cement plant to become PPP
The Ministry of Industry (MoI) in Myanmar is inviting 'expressions of interest (EoIs)' from both local and foreign investors to jointly run the state-owned Thayet cement plant in Magwe region under a public-private partnership (PPP), said U Zaw Lin Tun, deputy director of No 2 Heavy Industrial Enterprise under the MoI. Operations have been suspended at the Thayet works, which has been a loss-...
Chinese producers expect significant rise in 1H18 net profit
China’s Huaxin Cement has announced that it expects 1H18 net profit to rise 179-192 per cent YoY, compared to CNY728m (US$109.94m) of the year-ago period, according to Reuters. Elsewhere in the country, Jiangxi Wannianqing Cement has also announced that it expects a significant surge of 440-490 per cent YoY in net profit for the period.
ARM asks for time after missing bond payment
The Nairobi Securities Exchange-listed that the ARM Cement missed its June 2018 interest payment on a privately placed bond worth tens of millions of Kenyan shillings. The bond was issued in 2015 with the medium-term notes (MTN) maturing in November 2020 and expected to pay interest each June and December, according to the Business Daily. "We're asking our lenders to give us some time so t...
CEO of Hail Cement resigns
Saudi Arabia's Hail Cement Co has announced that its CEO, Matar Alahrani, has resigned from his position with effect from 30 August 2018, due to moving to a new position. The company's board of directors have noted their appreciation for Mr Alahrani's efforts since the company’s inception, according to a press release.
Birla White to increase exports
India’s Birla White, a division of UltraTech Cement Ltd, has announced plans to increase exports over the coming years. "Currently, the volume is just about three per cent of our total volumes but over the next three to five years, we are targeting 10 per cent of the total volume," said Anurag Angrish, joint executive president (marketing), Birla White. Furthermore, the company expects ...
Pokot Cement still waiting to get off the ground
The continued delay in establishing the Pokot Cement factory in Kenya, is infuriating local residents who expect to benefit from new job opprotunities. Today, prime land in the area whose value had risen, no longer attracts the interest of potential buyers, with the township remaining largely inactive. West Pokot County Executive Committee member for trade, Monges Lotodo, said the authoriti...
Dangote to list in London in 2019?
Dangote Cement is considering carrying out its long-planned listing of shares in London after the Nigerian presidential and parliamentary elections on 16 February 2019 and state government elections in March as it intends to expand through acquisitions, according to a report in Business Day. "We are working on it and we’ll look at it in 2019," Edwin Devakumar, group executive director at Da...
PSP Engineering announces 38% sales increase in 2017
PSP Engineering, a major Czech turnkey supplier, has announced a 38 per cent YoY rise in sales to CZK616m (US$28m) in 2017. The company’s profit surged 192.5 per cent to CZK11.7m, compared to CZK4m of the previous year, according to its annual report. Sales of equipment for cement plants and crushing and grinding machinery contributed 27 and 26 per cent, respectively. Sales in the Hungaria...