Cement News tagged under: corporate
National Cement's acquisition of ARM blocked22 July 2019, Published under Cement NewsThe acquisition of ARM Cement for US$50m by National Cement has hit a legal block. ARM's former CEO and leading shareholder, Pradeep Paunrana, has challenged the sale in the High Court, saying that ARM Cement has been undervalued and that his consortium had offered a bid of US$65m for ARM Cement. The administrator of the sale, PricewaterhouseCoopers (PwC), claims that the US$65m bid was turned down becasue it was not accompanied by proof of funds among other reasons. Instead, PwC approved t... |
Keystone Cement to switch to natural gas22 July 2019, Published under Cement NewsUSA-based Keystone Cement has announced that its application for a US$320,950 state grant to extend a natural gas line to its plant in East Allen Township, Pennsylvania, has been approved. The company is looking to phase out coal in favour of natural gas as its primary fuel source, according to The Express Times. "The gas line will fuel the Portland cement rotary dry-process kiln and the preheater tower manufacturing equipment," stated the Pennsylvania Department of Community and Economic D... |
ACC records 39% rise in net profit for 2Q1919 July 2019, Published under Cement NewsIndia’s ACC Ltd (Ambuja Cements) has reported a 38.6 per cent YoY rise in consolidated net profit to INR4.56bn (US$60.26m) for the 2Q19, due to an improvement in operating performance. Total revenue increased 7.8 per cent to INR41.50bn against INR38.48bn in the year-ago period. EBITDA also advanced 25 per cent to INR7.83bn. However, the cement sales volume was flat at 7.2Mt. Ready-mix concrete sales were up 10.4 per cent to 0.85Mm 3 from 0.77Mm 3 . "Despite subdued cement demand, our s... |
Cimgabon cement output up 53% in 1Q1919 July 2019, Published under Cement NewsCimgabon’s cement production surged by 52.5 per cent to 112,349t in the first quarter of 2019 when compared with the 1Q18, when it produced 73,633, according to Directinfosgabon. The rise in output is attributed to more efficient use of production equipment and the resumption of cement production since July 2018. Cement sales increased 49.7 per cent YoY to 112,712 in the 1Q19 as domestic demand was robust. The value of sales rose 57.4 per cent YoY to XAF8.4bn (US$14.4m). |
Mixed dispatches expected for Pakistan's cement sector in FY1919 July 2019, Published under Cement NewsPakistan's cement industry is likely to report mixed dispatches data for FY19. According to a sector research report released by Topline Securities, domestic dispatches will drop by three per cent, while total dispatches will increase one per cent in FY19 with the sales mix shifting in favour of overseas exports by southern players. Cumulatively, exports are expected to increase 37 per cent with cross-border exports (Afghanistan and India) falling by 19 per cent while seaborne exports are... |
UltraTech's acquisition of Century Cement to be completed soon19 July 2019, Published under Cement NewsIndia’s UltraTech Cement has confirmed that it will complete the merger of Century Cement in the second quarter of the FY19-20. The only pending approval which remains for the deal is the transfer of mining leases, which is expected to be completed soon, according to Kumar Mangalam Birla, chairman of the company. "After the completion of the Century Cement transaction, coupled with the on-going capacity expansion, our capacity will be augmented to over 117.35Mta, inclusive of its overseas o... |
Cementos Pacasmayo announces 12% revenue increase18 July 2019, Published under Cement NewsPeru’s Cementos Pacasmayo has announced a 11.9 per cent YoY increase in revenue during the 2Q19, mainly attributed to an 11.8 per cent rise in the sales volume of cement, concrete and precast. Net income advanced 37 per cent to PEN32.2m (US$9.8m), while its consolidated EBITDA climbed 11.3 per cent YoY to PEN94.3m. However, the cement EBITDA margin dropped from 30.3 per cent to 29.2 per cent as a result of higher-priced clinker used in April, according to the company. 6M19 results In th... |
CDPQ to invest additional CAD150m in Ciment McInnis18 July 2019, Published under Cement NewsCaisse de dépôt et placement du Québec (CDPQ) will invest a further CAD150m (US$115m) to Ciment McInnis, despite evaluating a possible divestment in the cement maker over the past year. A consortium of 11 Canadian and international banks has also extended a CAD300m loan to the company and Beaudier Inc has invested a further CAD50m. “The context has changed because the cement plant has a very good performance,” said CDPQ spokesperson Yann Langlais-Plante. "The overall demand for the cement ... |
Titan completes successful share exchange tender for Euronext and Athens listings18 July 2019, Published under Cement NewsTitan Cement Co SA has announced the successful voluntary share exchange tender offer submitted by Titan Cement International SA to the shareholders of Titan Cement SA. The tender acceptance rate of 90 per cent was exceeded with 93 per cent acceptance rate for the ordinary shares and 92.3 per cent for the preference shares. Titan Group will be listed through Titan Cement International SA on Euronext Brussels, the Athens Exchange and Euronext Paris on 23 July 2019. "The listing of TITAN Gro... |
Government extends deadline for Cimerwa stake18 July 2019, Published under Cement NewsThe Government of Rwanda has moved the deadline to sell its stake in Cimerwa from 5 to 19 July, with the extension providing a chance for more individual investors and companies to submit a proposal, according to the Rwanda Development Board. The government and its affiliates hold a 49 per cent stake in the company, while South Africa’s PPC is the majority shareholder at 51 per cent. The Rwandan government had initially given PPC an opportunity to buy the remaining shares . According to... |