Cement News tagged under: corporate
Sama Cement reduces stake in Sinai Cement30 May 2019, Published under Cement NewsSama Cement has announced that it has sold around 2m shares in Sinai Cement, decreasing its stake in the company from 9.689 per cent to 6.75 per cent, according to a statement released to the Egyptian Stock Exchange. The total value of the transaction was estimated at EGP16.5m (US$981,985), based on a price of EGP8.25 per share. The news follows El Sewedy Cement selling its 7.476 per cent share earlier in the month. |
Vicat's Egyptian market share targeted to reach 5%30 May 2019, Published under Cement NewsVicat has a market share of under three per cent in Egypt, but Tamer Magdy, CEO of Vicat Egypt, claims that the company will achieve profit early next year, while it aims to take its market share to five per cent. Vicat acquired Sinai Cement, its Egyptian subsidiary near Al-Arish, in 2003. The Egyptian market has been challenging for Vicat and it stopped production in the 1Q18. The commissioning of new plants has caused considerable overcapacity of 30Mta in the country. Mr Magdy will look ... |
Raysut Cement recycle bulk carrier30 May 2019, Published under Cement NewsThe Raysut II bulk cement carrier of Raysut Cement Co of Oman was re-floated and recycled recently, according to shipping industry sources. Resolve Marine Group completed the complicated wreck removal of bulk cement carrier Raysut II and also made arrangements to off load damaged cargo at port of Salalah, Oman. The vessel was owned by Raybulk Navigation Inc, a subsidiary of Raysut Cement. Reportedly foreign experts were chosen for this project, because of their plan to re-float the ves... |
Hong Leong Asia looks to complete Tasek Corp takeover29 May 2019, Published under Cement NewsSingapore-listed Hong Leong Asia is looking to take Malaysia’s Tasek Corp private in a deal worth an estimated MYR128.61m (US$30.6m), according to The Edge. The company currently controls 80.8 per cent of Tasek through two subsidiaries, HL Cement (Malaysia) and Ridge Star, and has submitted a voluntary takeover offer to acquire the remaining shares. Together, the subsidiaries hold 97.89m ordinary shares in Tasek, with the takeover involving the remaining 19.2 per cent of ordinary shares ... |
Raysut Cement targets expansion outside Gulf region28 May 2019, Published under Cement NewsRaysut Cement Co aims to build on its recent acquisition of Sohar Cement by expanding into Africa and India. Raysut Cement's Chief Executive, Joey Gosh, signalled that further expansion for the Oman cement producer was planned in 2019. Having acquired Sohar Cement Factory LLC for US$60m, Oman Cement is now looking outside of its domestic market. "We are looking at an aggressive expansion strategy from 2019 with a view to eventually expand our production to 20Mta," said Mr Gosh. The indian ... |
India Cements Jan-Mar quarter net profit advances 23% YoY28 May 2019, Published under Cement NewsChennai-based India Cements has reported a 23 per cent increase in its net profit for the quarter ended March 2019. Higher prices, a recovery in cement demand and improved capacity utilisation led to a net profit of INR430m and revenues of INR15.64bn, up 12 per cent YoY and 19 per cent QoQ. For the full financial year 2018-19, stand-alone profits dropped 30 per cent YoY to INR690m as net plant realisations (NPR) fell two per cent YoY and rising fuel prices increased production costs. Goi... |
Vicat announces stake in 2170 to develop low-carbon cements28 May 2019, Published under Cement NewsVicat has approached 2170, a subsidiary of Burgundy-based JPS Granulats, to accelerate the development of low-carbon cements. The French cement producers has announced it would buy a stake in the capital of 2170, which prides itself on being the first French producer to receive the NF Hydraulic Binder certification in February 2018 for the production of blended cements. "Vicat has always favoured short circuits throughout the territories. The synergies deployed between our two companies wi... |
Ecocem forced to drop Vallejo mill project28 May 2019, Published under Cement NewsEcocem of Ireland has dropped plans for a grinding mill Vallejo, San Francisco Bay, California, USA, after project partner Vallejo Marine Terminal (VMT) withdrew from the proposed plant. VMT's lawyer, Krista Kim, told the city council that her client no longer supported the project, which has endured a six-year planning application battle. VMT owned the land on which the proposed EUR45m plant would have been constructed for Ecocem subsidiary Orcem Americas. Vallejo's council was scheduled ... |
EAPCC appoints Stephen Kyalo Nthei as acting MD28 May 2019, Published under Cement NewsEast African Portland Cement Co (EAPCC) has appointed Stephen Kyalo Nthei as acting managing director with effect from 20 May 2019. Mr Nthei, a Certified Public Accountant, joined the company in April 2007 and has served in various roles, including as Head of Internal Audit and Head of Financial Management. He now faces the challenge of improving the performance of the cash-strapped cement producer. EAPCC has a KES10.8bn (US$106.7m) debt and posted a KES1.26bn loss for the half-year to D... |
Hail Cement shuts down for maintenance28 May 2019, Published under Cement NewsSaudi cement producer Hail Cement Co has announced its planned shutdown of its production line for maintenance. The company’s cement mill and packaging line will remain in operation and therefore, order fulfilment will not be affected by the shutdown. |