Cement News tagged under: corporate
HeidelbergCement Bangladesh seeks court approval for amalgamation02 January 2020, Published under Cement NewsHeidelbergCement Bangladesh Ltd has updated Dhaka Stock Exchange last week about seeking court approval for amalgamation with Meghna Energy Ltd. The company's notification says, "Refer to their earlier news disseminated by DSE on 18.07.2018 regarding amalgamation with Meghna Energy Ltd; the company has further informed that they have jointly presented an application under Sections 228 and 229 of the Companies Act, 1994, being Company Matter No 308 of 2019 seeking sanction of the Honourable ... |
Maple Leaf Cement elects eight directors unopposed02 January 2020, Published under Cement NewsMaple Leaf Cement Factory Ltd (MLCF) has informed Pakistan Stock Exchange (PSX) that its Board of Directors meeting held on 31 December 2019 and eight persons were elected unopposed as directors for the next term of three years commencing 31 December 2019. The new team comprises Tariq Sayeed Saigol, Taufique Sayeed Saigol, Waleed Tariq Saigol, Danial Taufique Saigol, Jahanara Saigol, Syed Mohsin Raza Naqvi, Shafiq Ahmed Khan and Zulfikar Monnoo. |
Fitch downgrades InterCement due to weak Argentine outlook01 January 2020, Published under Cement NewsFitch Ratings had downgraded InterCement Participacoes SA's Long-Term Foreign and Local Currency Issuer Default Ratings to 'B-' from 'B'. The rating outlook is stable. The downgrade is due to negative GDP growth expectations in Argentina during 2020 and a continued decline in the purchasing power of the company's clients in this market due to high inflation and the deterioration of the Argentine peso. These factors will weaken demand for cement in this market and are factored into the downg... |
Thatta Cement appoints new CFO01 January 2020, Published under Cement NewsThatta Cement Co Ltd (THCCL) informed the Pakistan Stock Exchange (PSX) on 1 January that Mr Fuad Zakaria Bhuri has been appointed to the position of Chief Financial Officer (CFO) of the company with effect from 1 January 2020, in place of Mr Shahid Yaqoob. Thatta Cement operates an integrated cement plant with a capacity of 488,250tpa at Thatta in the Sindh Province of Pakistan. |
South Valley Cement losses increase sharply31 December 2019, Published under Cement NewsSouth Valley Cement Company, Egypt, posted a 930 per cent year-on-year increase in losses during the first nine months of 2019, according to the company’s financial statements. The cement producer’s losses amounted to EGP173.9m (US$10.83m) in the January-September period, compared to EGP16.8m in the same period in 2018, according to a statement to the Egyptian Exchange. During the same period, the company’s sales fell by almost half to EGP345.26m from EGP656.3m in the same period in 2018. |
CRH seeking buyers for its Brazilian business30 December 2019, Published under Cement NewsCRH, Ireland, is selling its cement business in Brazil, which it acquired in 2015 as part of a portfolio of assets bought from Lafarge and Holcim during their merger, according to reports in Valor Economico. CRH Brasil Participacoes S.A. operates three integrated plants and one grinding mill in the states of Minas Gerais and Rio de Janeiro with a total cement production capacity of 2.75Mta. CRH has reportedly hired Citigroup to help find buyers for the Brazilian assets. The bank is already... |
UltraTech to buy Emami27 December 2019, Published under Cement NewsUltraTech Cement Ltd has emerged as the front-runner to buy the cement business of Emami Group in an all-cash deal worth INR6,500-7,000 crore (USD910-980m), according to a report by MintAsia. The sale of Emami Cement Ltd has entered the final round, with Ambuja Cements Ltd, part of the LafargeHolcim Group, also understood to have made an offer for Emami. The purchase of Emami Cement would enable UltraTech to penetrate eastern India and further consolidate its leadership of the domestic mar... |
Makoju retires; Dangote Cement appoints new CEO27 December 2019, Published under Cement NewsMichel Puchercos, a former managing director of Lafarge Africa, has been appointed as the new Chief Executive of Dangote Cement Plc, according to a report in The Sun, Nigeria. His appointment comes following the retirement of Joseph Makoju from the board of Directors of Dangote Cement and as the group managing director and CEO, ending a 45-year career in the industry. Mr Puchercos, a French national, will take up his new position on February 1, 2020. He has more than 20 years’ experien... |
DG Khan Cement completes 12MW WHR power project27 December 2019, Published under Cement NewsPakistan-based DG Khan Cement Co Ltd (DGKC) has informed the Pakistan Stock Exchange (PSX) that it has successfully completed installation and commissioning of a 12MW waste heat recovery power plant (WHRPP) with air-cooled condenser (ACC) technology at its 2.11Mta cement plant in Khairpur, Punjab. DGKC’s Company Secretary, Khalid Mahmood Chohan said: “[Through] this technology, process waste heat is absorbed in boiler to produce steam at suitable pressure to run a turbine for the generatio... |
Fecto forms new subsidiary, reports fall in domestic sales27 December 2019, Published under Cement NewsFecto Cement Ltd has approved the formation of a wholly-owned subsidiary to implement the investment in a new cement plant. The Pakistani cement producer had earlier announced plants to build a 6000tpd greenfield plant and 9MW waste heat recovery power plant in Palai, Khyber Pakhtunkhwa. Completion of the project would be expected in 18 months’ time. Financial performance 1QFY19-20 In the first quarter of the 2019-20 financial year, Fecto Cement increased its clinker production by 10.4... |