Cement News tagged under: Nigeria
Dangote receives approval to raise NGN300bn in local-currency bonds22 March 2018, Published under Cement NewsDangote Cement Plc has announced that it received approval from the Securities and Exchange Commission (SEC) and other regulators to raise NGN300bn (US$833m) in local-currency bonds, according to This Day. The bond will be issued in stages of NGN50bn whenever interest rates are favourable. The company plans to use the fund to finance its expansion and refinance its debt. Dangote is expected to spend US$350m on capital projects this year, which includes building export facilities at Nigeria... |
Dangote Cement records 31% revenue increase in 201721 March 2018, Published under Cement NewsDangote Cement Plc has announced its unaudited results for the full-year 2017 period, which show a 31 per cent YoY increase in revenue to NGN805.6bn (US$2.24bn) from NGN615.1bn. Revenue attributable to Nigeria grew by 29.6 per cent YoY, with the sales from the company’s three plants in the country contributing NGN552.36bn. The remaining NGN258.44bn was generated by plants in other African countries, with the revenue of Dangote’s pan-African operations rising 32.5 per cent. Profit after ta... |
LafargeHolcim announces new Middle East/Africa organisation06 March 2018, Published under Cement NewsLafargeHolcim has announced its new organisation for the Middle East and Africa region. "This new organisation will further increase our market focus, our operational performance and support the development and execution of winning market strategies to grow profitable businesses in the Middle East & Africa markets," said Saâd Sebbar, who heads up the company’s MEA Region. The company’s four largest markets will report directly to Mr Sebbar and include the following Country CEO appointment... |
AshakaCem to complete 16MW power plant in 201926 February 2018, Published under Cement NewsNigeria’s AshakaCem (LafaregHolcim group) is constructing a 16MW power station for completion in early 2019. The NGN11bn (US$30.55m) project began in 2017 and is expected to be completed in January 2019, AshakaCem's Managing Director, Rabiu Abdullah Umar, said at a news conference in Gombe. The power plant is also expected to boost the operational efficiency and tackle the high energy cost of the largest industry in Nigeria’s northeast. Umar said the power plant will not only release add... |
Nigeria expected to enter growth cycle06 February 2018, Published under Cement NewsNigeria could be entering the beginning of a growth cycle, suggests research from RMB Nigeria Stockbrokers (RMBNS). Cement consumption has been forecast to increase by seven per cent in 2018, compared with a 17 per cent decline recorded in 2017. Concrete roads and a housing deficit may lead to a 53Mt and 24Mt increase, respectively by 2020. "RMBNS see improving government capex commitment and implementation as well as ongoing public-private partnership infrastructure financing initiatives... |
Event held to review standardisation of cement in Nigeria21 December 2017, Published under Cement NewsOfficials from the Standard Organisation of Nigeria (SON), representatives of professional bodies in the construction industry and academics recently reviewed the quality of Nigerian cement and ensure that it was meeting the requirements of the International Standard Organisation, according to the Nigerian Tribune. Director of Standard, Chinyere Ifeoma, acknowledged the high demand for quality cement and therefore urged every member of the industry to recognise the importance of standard... |
BUA seeks President's support to end mining rights squabble07 December 2017, Published under Cement NewsNigerian conglomerate BUA group has asked Nigeria's President, Muhammadu Buhari, to intervene in its argument with Dangote group over limestone mining rights. BUA's Chairman, Abdulsamad Rabiu, said Dangote group was undermining security around his plant in southwest Edo state, a region with limestone. Dangote's cement operation is in the central state of Kogi. The mines ministry said BUA group does not have a mining lease for the disputed site, which is the subject of a legal case, and it... |
Lafarge Africa to cut debt by US$270m01 December 2017, Published under Cement NewsLafarge Africa will use some of the funds raised by a NGN131.6bn (US$415m) rights issue to cut debt by US$270m, as reported by Reuters. The company inherited US$507m in shareholder loans and US$88m of third-party foreign currency debt when it acquired UNICEM in 2015. This debt would expose Lafarge Africa to a foreign currency loss due to the sharp fall in value of the naira. However, the rights issue is expected to help reduce the debt by almost half. Lafarge Africa announced a pretax ... |
Lafarge Africa buys out shareholders of Ashaka Cement24 November 2017, Published under Cement NewsLafarge Africa has bought out the minority shareholders of Ashaka Cement and issued 85.26m shares as part of a share exchange agreement, reports The Nation. The Nigerian cement manufacturer will now become a wholly-owned subsidiary of Lafarge Africa. The voluntary delisting of Ashaka Cement from the Nigerian stock exchange and its subsequent consolidation by Lafarge Africa, will offer shareholders a more diverse revenue stream. Lafarge Africa acquired a majority stake in Ashaka after ... |
Dangote Cement inaugurates plant in Rep of Congo23 November 2017, Published under Cement NewsDangote Cement will inaugurate its 1.5Mta cement plant in the Republic of Congo on Thursday. The plant is expected to create approximately 1000 jobs and will become Dangote's 10th fully-operational plant in Africa. The US$500m works produced its first bag of cement on 7 August. Unaudited 3Q results show that the new plant has almost doubled the size of the cement sector in Congo, according to Vanguard. Meanwhile, Dangote Cement saw an increase of 7.5 per cent in pan-African cement sal... |