Cement News tagged: Corporate
Loma Negra files for IPO
Argentine cement maker Loma Negra Corp has filed for an initial public offering, according to a SEC filing late Tuesday. "We believe that the economic recovery of Argentina represents one of the most attractive opportunities in global emerging markets today," the company said in the filing. "Cement consumption is highly correlated to economic activity and we expect demand for cement to ...
Ndeta set to gain controlling stake in Savannah Cement
Businessman Benson Ndeta is set to take controlling stake of Kenya-based Savannah Cement after he gained regulatory approval for a deal that would increase his interest in the company by 29.4 per cent. In a press release, the Competition Authority of Kenya said it had granted Mr Ndeta’s acquisition of Savannah Cement unconditional approval, according to local press reports. Savannah Cement ...
Vicem appoints new general director
Vietnam Cement Industry Corporation (Vicem) has appointed Bui Hong Minh general director. Mr Minh, 46, has held the position of deputy general director since 2013. Before that, he worked at But Son and Ha Tien cement companies. He became director of Bim Son Cement Company in 2011 prior to joining Vicem.
FLSmidth: large shareholder announcement
FLSmidth has been informed that Novo Holdings A/S on behalf of the Novo Nordisk Foundation has reduced its holding of FLSmidth shares to a total of 5,100,000 FLSmidth & Co. A/S shares, which corresponds to 9.95 per cent of the total nominal share capital in FLSmidth & Co. A/S.
AfriSam submits revised PPC merger offer
South Africa’s cement maker AfriSam has submitted a revised merger approach to larger domestic rival PPC, the company said on Monday. AfriSam’s latest proposal values PPC at 5.75 rand per share, or SAR9.2bn (US$709.47m), and is the company’s third attemp to merge with PPC and create a pan-African cement group with assets across six countries. As part of the proposal, the African unit of...
Vulcan reaches agreement to acquire Polaris Materials
Vulcan Materials announced that it has reached a definitive agreement to acquire Polaris Materials, an aggregates and logistics company, which serves key California markets from strategically situated operations in British Columbia. The Polaris business includes an aggregates processing plant and deepwater port on Vancouver Island along with associated long term aggregate reserves and five ...
ARM suffers heavy half-year losses
Kenya's ARM Cement Ltd announced a half-year 428.53 per cent increase in losses to KES1.41bn (US$13.5m) from KES266.78m during the same period last year. The firm's revenue for the six-month period declined by 19.79 per cent to KES5.35bn compared to KES6.67bn last year. In May the firm, whose shares trade on the Nairobi Securities Exchange, cited strained cash flow as well as increased co...
KSI opens slag grinding plant
PT Krakatau Semen Indonesia (KSI), a joint venture between state-owned steel maker PT Krakatau Steel and state-owned cement maker PT Semen Indonesia, has opened a new slag grinding plant. Located on a 4ha plot in Cilegon, Banten, Indonesia, the IDR420bn (US$31.4m) project saw construction start in 2014. The grinding plant has a production capacity of 690,000tpa of ground granulated blastfurn...
Lucky Group forms joint venture for LNG terminal
A joint venture comprising leading cement producer Lucky Group along with, Sapphire group and Hallmore Power, is planning to set up a liquid natural gas (LNG) terminal at Port Qasim near Karachi to facilitate import of liquid gas in country. Port Qasim Authority (PQA) Chairman Agha Jan Akhtar told media that the consortium is expected to set-up a floating ship re-gasification unit (FRSU) w...
Martin Riley new MPA Chairman
Martin Riley, Senior Vice President, Tarmac, has been appointed MPA Chairman for the next two years. He succeeds Simon Vivian of the Breedon Group. Nigel Jackson, CEO of MPA, paid tribute to Simon's contribution to MPA over the last two years: "Simon is one of the industry's most experienced leaders and has invested a huge amount of time and passion into maintaining the unity of the associa...
Tanzania Portland Cement Co posts 45.6% profit fall in 1H17
Tanzania Portland Cement Company (TPCC), part of the HeidelbergCement group, posted a 45.6 per cent drop in first-half profit after increased competition forced down local cement prices. TPCC reported net profit of TZS12.35bn (U$5.5m), down from TZS22.71bn a year ago. The producer's revenue of TZS119bn was down 16 per cent YoY, Chairman Hakan Gurdal said in a statement. Mr Gurdal added that...
Egin to start Cameroon cement production in October
Cameroon-based Egin SA has signed an investment agreement with the government, under guidance of the Investment Promotion Agency (API). Project manager, Jean-Pierre Belobo, announced that the company expects to produce the first bags, marketed under the “Lion” brand, in October 2017. While news about the new XAF8.2bn (US$14.9m) factory is limited, the new works is based in Douala and is 90...
BUA’s sees completion of new 3Mta Edo line
Nigeria’s Vice President, Yemi Osinbajo, inaugurated the 3Mta second production line at BUA’s Obu cement plant in Okpella, Edo state. “This project is a big boost to the Nigerian economy and it will provide employment opportunity for the both skilled and unskilled youths of this state and the country at large,’’ he said and added that the plant’s capacity will help consolidate the country’s...
Emami expects to break even in FY16-17
India-based Emami Cement expects to break even by the end of FY17-18 and bank a profit by the next financial year. The company’s bottom line will be driven primarily by value and volume of sales, according to Vivek Chawla, wholetime director and CEO. Emami’s top line is forecast to expand to INR14bn-15bn (US$218.9m-234.5m) by the end of the current fiscal if sales of 3.2Mt are achieved. This...
Jaiprakash Associates to sell stake in Bhilai Jaypee cement
Jaiprakash Associates has decided to sell its entire 74 per cent stake in Bhilai Jaypee Cement to Orient Cement for INR14,500m (US$226.6m), while raising another up to INR20,000m by issuing securities. The transaction is expected to be completed by 2017-end, the company said in a notice to shareholders for AGM to be held on 23 September 2017. The company aims to reduce its debt and fulfill ...
Boral sees benefits flowing from US Headwaters acquisition
Boral's turnover in its financial year to the end of June 2017 edged up by 1.8 per cent to AUD4388m (EUR2919m/US$3466m) and EBITDA improved by 11.6 per cent to AUD720m (EUR479m). The trading profit advanced by 15.6 per cent to AUD460m (EUR306m) and after a net interest charge some 20 per cent lower at AUD51m (EUR34m) the pretax profit rose by 22.1 per cent to AUD409m (EUR272m). The net attr...