Cement News tagged: Corporate
India: LafargeHolcim sale temporarily halted by court
The sale of 11Mta of LafargeHolciim assets in India has been put on hold by India's Competition Appellate Tribunal. According to Mint an appeal has been lodged by Dalmia Cement (Bharat) Ltd. against the Competition Commission of India’s decision ordering the divestment of Lafarge India. The tribunal's decision will delay the sale process by at least three weeks, until May 9. Last week sa...
Kazakhstan: Steppe Cement sales down as demand tumbles
Steppe Cement has seen sales and revenue fall in the first quarter of 2016 as the company predicts that demand in Kazakhstan will be 11 per cent lower this year than it was in 2015. According to a report from DigitalLook, Steppe Cement’s volumes were down one per cent YoY in Q1 2016, falling to 190,953 tonnes. Revenues fared worse, falling by 12 per cent to KZT2.3bn (US$6.8m) over earnings ...
Attock Cement posts positive 9MFY16 results
Attock Cement Pakistan Ltd (ACPL) has announced in its 9MFY16 results it earned a NET profit of PKR2.094bn during 9MFY16 (July-March) against PKR1.644bn during 9MFY15, up 27 per cent, YoY, on the back of a five per cent YoY growth in net sales and better gross profits. Al Habib Capital Markets (Pvt) Ltd, in its review report about ACPL, attributes increase in profit to rising domestic dispa...
Oman: Raysut Cement 1Q16 profits up 34%
Oman’s Raysut Cement reported a 34 per cent increase in 1Q16 net profit on Wednesday, according to a bourse statement. The largest cement firm by market value in the sultanate made OMR8.08m (US$20.9m) in the three months ending 31 March, compared with OMR6.03m in the same period of 2015. Analysts at EFG Hermes and Gulf Baader Capital Markets forecast Raysut would make a quarterly net pr...
Beat Hess is nominated as LafargeHolcim's new chairman
LafargeHolcim's Board of Directors has proposed to the Annual General Meeting of 12 May 2016 the election of Beat Hess as the new group chairman. He will be succeeding Wolfgang Reitzle, who has been chairman for two election periods and a member of the Board of Directors since April 2012. The Board of Directors would like to thank Wolfgang Reitzle for his valuable service to the group as well ...
Zimbabwe: PPC's Harare plant is half-way complete
The construction of a new cement plant by Pretoria Portland Cement (PPC) in Harare is progressing as planned and is now 55 per cent complete. The plant is expected to produce 70.7Mta of cement when fully commissioned. This is in line with the South African parent company's strategy of growing its non-South African revenue from the current 21 per cent to at least 40 per cent before the end of...
Asia Cement's appoints new CFO
Asia Cement (China) Holdings Corp has appointed Wu Ling-ling as its new Chief Financial Officer, effective from 14 April 2016, reports News Bites Pty Ltd. Ms Wu, aged 49, has served as the CFO and Executive ViceP resident of Asia Cement Corporation since 2007. The former compamny CFO, Shao Ruey-huey, resigned from the position of executive director, CFO and authorised representative, ...
Ten bidders chase LafargeHolcim Indian assets
The sale of LafargeHolcim's Indian operations has attracted considerable interest, with the company having received bids from 10 groups interested in buying the assets. According to India's Economic Times, JSW Cement, Blackstone and Ramco Cements have all submitted bids, while the Irish Times notes that CRH, Piramal Group and Carlyle Group are also in the running. LafargeHolcim is sellin...
Taiwan Cement Corp hopes for improved 2H16
Taiwan Cement Corp, the nations biggest cement maker, yesterday said that business has remained weak since last year, adding that it hopes to see a pick-up in 2H16. "Our business in the first quarter of this year remained under pressure due to a pessimistic sentiment that has continued from last year," Leslie Koo, Taiwan Cement chairman, said at an investors conference in Taipei. In the f...
India: ACC Ltd to raise capacity to over 33Mta
ACC Ltd will spend about INR6000 (US$89.9m) in 2016-17 to complete its cement capacity expansion plans. ACC is building two cement units at Jamul and Sindri with a combined capacity of 2.4Mta. Following completion, the plants are expected to take the company's total capacity to 33.42Mta. "The planned capital expenditure for 2016 is about INR6000 to be used to complete the expansion plans a...
PPC's acquisition of 3Q Mahuma Concrete approved
South Africa's Competition Tribunal yesterday approved,without condition, PPC's acquisition of 3Q Mahuma Concrete, the largest independently owned ready-mix concrete supplier in southern Africa. The Competition Commission had recommended the tribunal approve the acquisition without conditions, but by late yesterday the tribunal had not communicated its decision. PPC previously disclose...
PT Semen Baturaja will open a new plant in 2017 and targets strong sales
A major growth area for state-owned PT Semen Baturaja is South Sumatra, where the company has signed contracts with several firms to build a new plant called Baturaja II in anticipation of increasing construction projects in the province. Project developments and construction in South Sumatra continues to increase ahead of the 2018 Asian Games, including a light rail transit project, o...
Nigeria: Dangote signs US$2bn Chinese bank loans for two cement plants
Dangote Group has signed a deal on Tuesday for a US$2bn loan from the Industrial Commercial Bank of China Ltd for two cement plants, according to Reuters. “The interest rate is okay, quite favourable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.” The deal included China Export & Credit Insurance Corporation.
Tanzania: Tanga Cement suffers profit decline
Tanga Cement Co Ltd's 2015 profit fell to TZS8.24bn (US$3.774m) compared to TZS28.40bn (US$13m) in 2014, according to the national paper the Daily News. The audited financial results state that the group experienced a decline in sales revenue of 9.9 per cent to TZS209.11bn compared to TZS232.10bn in the preceding year. The fall was mainly attributed to the increased competition from new ent...
Breedon Aggregates passes phase 1 of Hope acquisition
Breedon Aggregates acknowledges the announcement today by the Competition and Markets Authority (CMA) that it has completed its Phase 1 review of Breedon’s proposed acquisition of Hope Construction Materials Limited (“Hope”) and that it has concluded there is a realistic prospect of a substantial lessening of competition in a limited number of local ready-mixed concrete markets in England and ...
Kenya: Vipingo facility to make Mombassa Cement more competitive
African cement companies are eyeing the market created by a construction boom in east Africa and other countries in the larger region, according to All Africa news service. At the top of the companies looking to grab a share of an increasing market is Kenya's Mombasa Cement Ltd, which plans to invest KES7.3bn (US$73m) to expand the factory's production capacity. The new clinker and cement un...