Cement News tagged under: Corporate
Jaiprakash considers restructuring operations25 July 2014, Published under Cement NewsJaiprakash Associates plans to consolidate its entire cement manufacturing operations under one company that it will eventually list on the stock exchanges, according to local press reports. An official source familiar with the development told Cogencis said that the restructuring exercise that the company is discussing with merchant bankers will award shares of the new company to the existing shareholders of the parent company. Manoj Gaur (executive chairman and founder's son) has given i... |
PPC25 July 2014, Published under Cement NewsPPC has awarded a contract to Morupule Coal Mine (MCM) in Botswana to supply coal to PPC’s Slurry cement factory near Mafikeng in the North West province, South Africa. Along with Botswana Railways and Transnet Freight Rail, MCM submitted a tender bid in late 2013 and went on to supply over 140,000t of coal for the plant trials between December 2013 and March 2014. The new contract will run for an initial period of three-years, which began in April this year. |
Lafarge sells Pakistan cement operations24 July 2014, Published under Cement NewsLafarge announced the sale of its cement operations in Pakistan for an enterprise value of US$329m to local producer Bestway Cement. Lafarge Pakistan Cement Ltd, in which Lafarge owns a 75.86 per cent stake, operates an integrated cement plant located close to Islamabad in the north of the country. The divestment contributes to Lafarge’s net debt reduction goals, the company said in a statement. Completion of the deal is subject to regulatory approval. |
National Cement Co to receive IFC cash injection24 July 2014, Published under Cement NewsKenya-based National Cement Co Ltd (NCCL), a member of the Devki Group of Companies, is to receive a KES5.9m (US$70m) cash injection from the International Finance Corp (IFC) to fund its two-phase expansion project. Under the agreement, the IFC will provide US$55m in debt. In addition, IFC and the IFC African, Latin American and Caribbean Fund, will inject US$15m in equity into National Cement and will have a seat on the company’s board. The equity injection will see National Cement un... |
Eurocement faces losing Uzbekistan unit24 July 2014, Published under Cement NewsRussian cement major Eurocement is facing the loss of its facility in Uzbekistan in a nationalisation drive by the central Asian country. An Uzbek economic court in Tashkent has annulled Eurocement's 2006 acquisition of Uzbekistan's biggest cement producer, Akhangarancement, which could lead to its nationalisation. Uzbek media reports on 22 July said the Uzbek State Competition Committee filed a lawsuit last week against Eurocement's purchase of Akhangarancement. The Tashkent court r... |
Egypt: Qena Cement 1H profit rises 14% YoY24 July 2014, Published under Cement NewsEgyptian cement producer Qena Cement’s first-half net profit increased by 14 per cent YoY to EGP165.3m (U$23m) compared with EGP144.9m a year earlier. The company’s sales for the six months to the end of June 2014 rose 25 per cent YoY to EGP559m. In other news, the company’s board has agreed to convert to using coal as an energy source at an investment cost of around EGP400m. |
Holcim (Russia) new CEO appointed24 July 2014, Published under Cement NewsGuillermo Brusco has been appointed CEO of Holcim (Russia), effective 1 July 2014. He replaces Gustavo Navarro. Mr Brusco’s responsibility will cover the strategic development of Holcim Group companies in Russia. He started his career within the Holcim Group in 1988 holding various positions in Venezuela, US and Italy. Starting in 2003 he served as plant manager of the Ramos Arizpe plant in Mexico, and has also held the position of Operations Vice President of Holcim (Argentina). |
Eagle advances cement volumes by 4%23 July 2014, Published under Cement NewsIn the first quarter of its financial year to 31 of March 2014, Eagle Materials' turnover, including its share of the Texas Lehigh cement joint venture, increased by 17 per cent to US$298.8m. The trading profit advanced by 21 per cent to US$59.8m and after an interest charge 18.2 per cent lower at US$4.1m, the pre-tax profit was up by 25.2 per cent to US$55.81m and the net attributable profit rose by 25.3 per cent to US$37.7m. Net debt at the end of June stood at US$490.7m, giving a gear... |
Suez Cement 1H earnings rise on cost control efforts23 July 2014, Published under Cement NewsSuez Cement Group of Companies (SCGC) posted an increase in revenues and earnings for the first half of 2014 which it attributed in part to cost control measures. While the outlook for cement demand is more encouraging, energy shortages remain a key concern for the Italcementi group company. SCGC, which operates a network of five production facilities across Egypt, reported a 23 per cent increase in consolidated revenues in the six months to the end of June 2014. Recurring EBITDA was six p... |
Al-Jouf Cement returns to quarterly profit23 July 2014, Published under Cement NewsAl Jouf Cement has posted a 16.4 per cent rise in second-quarter net profit following five consecutive quarterly declines. A gradual improvement in shipments for the three-month period is also leading the Saudi-based company to anticipate a full recovery by year-end. During the second quarter of the year, the company posted a net profit of SAR16.1m. The results were slightly above analyst consensus estimates of SAR13.5m. Cement dispatches rose 1.6 per cent YoY to 368,000t showing sign... |