Cement News tagged: Corporate
Bhutan: Dungsam Cement resumes cement supplies to dam projects
Dungsam Cement Corporation (DCCL) has resumed the supply of cement to two major hydropower projects in Bhutan after deliveries were halted for 10 days, Kuensel Online reports. Contractors working on the Mangdechhu and Punatsangchhu hydropower projects had complained about the quality of cement being supplied by Dungsam and rejected deliveries totalling around 300-450t. Another customer in I...
Philippines: Cemex secures US$280m BDO Unibank loan
Cemex Holdings Philippines Inc has secured a loan facility from BDO Unibank Inc for the peso equivalent of US$280m to refinance an outstanding obligation just seven months after joining the equities market through a PHP25.13bn initial public offering. In a disclosure to the Philippine Stock Exchange, the cement producer said it signed on Wednesday a senior unsecured peso term loan facility a...
Uganda: Tororo Cement trucks damaging Karamoja roads
Tororo Cement, Uganda’s largest producer, has been warned by the national roads authority that they may be banned from transporting limestone by road due to the damage caused by their trucks. According to reports in the Daily Monitor, the company’s use of heavy-duty trucks to ship limestone from the Karamoja sub-region to the Tororo plant some 160-200km to the south is causing serious damag...
Siam City Cement Bangladesh appoints new CEO
Thailand-based Siam City Cement (Bangladesh) Ltd has appointed PN Iyer as its new CEO. According to the cement firm, Mr Iyer has over 35 years’ experience in sales and marketing across different cement companies around the world. Mr Iyer attended IMD Business School in Switzerland and is also an alumni of Harvard Business school.
Cemex sells concrete pipe business
Cemex has completed the sale of its reinforced concrete pipe business to Quikcrete Holdings. The transaction was carried out for around US$500m, including a potential additional US$40m depending on future results. Cemex will use the funds to reduce its debts as well as for general corporate purposes.
Ethiopia: Dangote to establish production line for cement bags
Aliko Dangote has used his meeting with the Prime Minister of Ethiopia to outline his conglomerate’s plans to increase investment in the country, the Ethiopian Herald reports. In a press conference following the meeting, Dangote told reporters that he planned to manufacture cement bags in Ethiopia. The bags currently used by the Dangote Cement operations in the country had to be imported, c...
Cemex rating upgraded by S&P Global Ratings
Cemex announced today that S&P Global Ratings (S&P) upgraded its corporate credit rating in its global scale to BB- from B+. According to S&P, the upgrade reflects the company's sustainable deleveraging trajectory, improved profitability and its financial discipline to protect its liquidity. "We are pleased to see our discipline and consistency in reducing our leverage reflected in an impr...
India: Shree Cement board approves new 3Mta plant
Shree Cement Ltd on Monday said its board had approved a plan to build a 3Mta plant in Karnataka at a cost of INR18,000m (US$265.3m). The proposed plant is expected to be ready by the quarter ending 31 December 2018, the company said in a regulatory filing.The project is to be funded by internal revenues not yet accounted by the company. Shree Cement’s board also approved on Monday the payme...
Thailand: Siam Cement launches logistics firm
Siam Cement Group (SCG) has partnered with Yamato Asia to launch logistics firm SCG Express with an investment budget of THB633m (US$17.9m). Nithi Pattarachoke, vice-president for the domestic market at SCG, said the trend towards e-commerce and a digital economy prompted the cement conglomerate to capitalise on the movement. SCG Express offers a range of delivery services such as temper...
Peru: Cementos Pacasymayo announces phosphate spin-off launch date
Cementos Pacasmayo SAA and subsidiaries, has provided shareholders with an update regarding the status of its spin-off of phosphate project company called FOSSAL, SAA. Pacasmayo's CEO and the CEO of FOSSAL SAA established that 1 March 2017 was the effective day of the launch of FOSSAL SAA. This is subject to registration by the Peruvian Public Registry and compliance with the Securities Marke...
India: Grasim Industries' 3Q net profit rises 14 per cent
Grasim Industries reported a net profit of INR728,200m for the December quarter, up 14 per cent from INR640,470m on a YoY basis, helped by better realisations at its viscose staple fibre business. Net sales for the company rose one per cent to INR9470,950m. Analysts, on an average, were expecting a profit of INR819,400m on revenue of INR8806.850m, according to a Bloomberg poll. The con...
India: labourers at Teriyklam cement seek payment
Teriyklam cement factory has been accused by a Member of the Legislative Assembly (MLA) of not paying 42 labourers their wages for the past few months, from three villages of Odisha’s Ganjam. Digapahandi MLA and former Minister SN Patro has urged the State Labour Secretary to look into the issue. The labourers had been working at the Teriyklam cement factory in the Tuticorin district of Tami...
India: Malabar Cements Ltd official is arrested
Prakash Joseph, legal officer of public sector Malabar Cements Ltd, was arrested on Monday by the Vigilance and Anti-Corruption Bureau (VACB), reports the Hindu. Malabar Cements Ltd is estimated to have madea finiancial loss of INR270m (US$3.98m). The State government-owned PSU had signed a contract with a company owned by businessman VM Radhakrishnan for cement retailing. Violating an agre...
Egypt: Arabian Cement to reduce US$ loans
The Arabian Cement Company plans to accelerate the repayment of US dollar loans owed to banks during the current year to decrease the total value of these debts to EGP40m (US2.1m), compared to EGP65m (US$3.46m) in 2016. An official at the Arabian Cement Company told Daily News Egypt that the company made the decision to avoid the high cost of dollar debts after the Egyptian pound’s floatatio...
India Cements Ltd announce 3Q16 profits of US$519.6m
India Cements Ltd registered net profit at INR35,340m (US$519.6m) for the third quarter ending 31 December 2016 in the back of strong sales volume and lesser cost of production. The cement company registered net profit at INR3160m during the corresponding quarter of the previous year. For the nine-month period, net profit surged to INR141,730m from INR79,460m registered during the year ago...
Sri Lanka: 'Vijaya' brand of cement launched
Oliver Impex (Pvt) Ltd launched its latest brand of cement to the construction market in Sri Lanka at a special event attended by key stakeholders from the construction industry and distributors from around the island. The cement will be marketed under the name “Vijaya Cement”, which is a high-quality product which is SLS 107 certified and with strength class of 42.5 N, said the company. ...