Cement News tagged under: Kenya
Kenya: CDC completes purchase of 40% stake in ARM Cement05 October 2016, Published under Cement NewsARM Cement has completed the sale of 40 per cent of its shares to CDC Group, a UK-owned development corporation, for KES14.1bn (US$139m), Capital Business reports. The investment will strengthen ARM’s financial structure and enable the company develop to meet the growing demand for sustainably produced cement across sub-Saharan Africa. In the short-term, CDC will support the company’s plans to expand cement production in Mwingi in central Kenya, helping to bring down the cost of cement to... |
Dangote27 September 2016, Published under Cement NewsDespite a 15 per cent increase in sales in Nigeria in July and August this year, Dangote Cement has been forced to increase its cement prices in the country due to escalating costs. Disruptions to the domestic gas supply have resulted in the producer increasingly turning to LPFO and coal to power its plants, despite these fuels being up to three times more expensive than gas. The naira has also experienced a significant devaluation against the US dollar, further increasing costs. “The pr... |
Kenya: CDC Group appoints two directors to ARM's board of directors23 September 2016, Published under Cement NewsUK’s sovereign wealth fund CDC Group has appointed two directors to the board of Kenyan cement manufacturer ARM Cement Ltd in which it recently acquired a 40.6 per cent stake for KES14.1bn (US$139.4m). The fund appointed Pepe Meijer and Ketso Gordhan to the board of the Nairobi Securities Exchange-listed company. Investment banker John Ngumi was also simultaneously appointed as an independent director of the firm. The new directors will help drive the company’s strategy at a time when ... |
Kenya: East African Portland Cement MD refused to reinstate sacked staff19 September 2016, Published under Cement NewsSimon Peter ole Nkeri, managing director of East Portland Cement Co, is being sued for contempt of court by five former employees of the company, report the Star (Kenya). The MD refused to reinstate the five workers that a court had said were unlawfully dismissed. Five months ago, Justice Hellen Wasilwa had directed that Benjamin Nduati, Ibrahim Mugo, Evans Abuga, Desmond Owiyo and Felix Vunga be given back their jobs. She said that they were dismissed unfairly, for lack of adequate ... |
Kenyan cement firms feel the squeeze16 September 2016, Published under Cement NewsThis week the Kenyan National Bureau of Statistics announced that KES2.2bn (US$21.7m) of cement was imported from China in the 1H16 - a 10-fold YoY increase. While full-year domestic cement consumption is forecast at 6Mta and installed production capacity is at 8Mta, cement imports appear surplus to the building sector’s needs. Although Chinese construction companies claim to source their building materials locally, their impact on local production is becoming increasingly clear. Lafarge ... |
Kenya: ARM will look to improve margins13 September 2016, Published under Cement NewsARM Cement posted a pretax loss of KES473.5m (US$4.5 m) in the first six months, which the firm attributed to unrealised foreign exchange losses associated with borrowing for its new clinker plant. Managing Director, Pradeep Paunrana, told Reuters that the new 1.2Mta clinker plant has only been operating at about 75 per cent capacity since production began in April. "What this essentially means is that our production cost has come down drastically because imported clinker is much more expen... |
Chinese imports into Kenya show 10-fold rise12 September 2016, Published under Cement NewsNew figures from the Kenyan National Bureau of Statistics reveal that the country imported KES2.2bn (US$21.7m) of cement from China in the first six months of 2016, up more than ten-fold on last year. A report by Business Daily Africa notes that these latest data look set to increase tension between Kenyan producers and Chinese contractors working on some of the country’s biggest infrastructure projects. The Chinese building firms have repeatedly denied claims that they import cement a... |
Dangote exports Ethiopian cement to Kenya31 August 2016, Published under Cement NewsKenya's cement market is now being supplied with cement from a new source as Dangote has started exports from its 2.5Mta Ethiopian plant to the east African country. Industry sources said the majority of the exports are destined for road construction projects in the north of Kenya. The step is expected to drive down prices in a market that has seen virtually no price changes in the past decade. Dangote said that the cement exported to Kenya is priced at around KES7400 (US$74)/t or up ... |
Kenya: Bamburi reports KES4.27bn profit26 August 2016, Published under Cement NewsFor the 1H16 Bamburi Cement Ltd reported a pre-tax profit of KES4.27bn (US$42.12m), compared to KES4.5bn achieved in 1H15. Turnover for the six months stood at KES19.11bn (US$188.5m) versus KES19.32bn for the same period last year. |
Kenya: dispute over stalled cement plant22 August 2016, Published under Cement NewsLocal politicians in Kenya’s West Pokot county have clashed over delays which have seen the construction of a proposed cement plant make little progress for years, the Daily Nation reports. Despite being announced a decade ago, building has yet to begin and local politicians appear split over whether to invite in new investors. The originators of the project, India’s Sanghi Group, retain the support of the local governor, while the county’s senator, John Lonyangapuo, has approached Desk G... |