Cement News tagged: Corporate
Conch Group unveils restructuring plan, China
State-owned Conch Group of China has unveiled a plan to streamline shareholdings within the company. The Anhui provincial government intends to convert its indirect controlling shareholding of Anhui Conch Cement Co and Wuhu Conch Profiles & Science Co into direct ownership, according to filings to the Hong Kong exchange on Monday. Morgan Stanley said this might be an early step for the ...
Further disposals on the cards for Jaiprakash?
Jaiprakash Associates Ltd may divest of two further cement units, channel checks by Mumbai broker Prabhudas Lilladher indicate. The two units reported to go on the block are Jaiprakash's 5Mta plant in the northern Indian state of Himachal Pradesh and the 2.2Mta works in Bhilai in the eastern state of Chhattisgarh. "We believe that exit of JPA (Jaiprakash) would be positive for the sector wit...
Lafarge Malaysia contract win and new mill purchase positive
Lafarge Malaysia’s recently-awarded MYR254m (US$72.6m) concrete supply contract and its purchase of a cement mill from Lafarge Ciment (Romania) are being viewed as positive for the company by Hong Leong Investment Bank (HLIB). The research house said the five-year contract to supply the Refinery and Petrochemicals Integrated Development project and other Petronas-related projects in Pengera...
Vietnam government prepares to divest Sai Son stake
State Capital Investment Corporation (SCIC), the Vietnamese government’s investment arm, is shortly due to sell its 3.2 million share holding in Sai Son Cement JSC (SCJ). The move is expected to take place within a month from 31 December 2014 as SCIC aims to fully divest of its 16.44 per cent stake in the cement producer. The share sale is part of SCIC’s plan to exit from 376 companies by t...
Sumanta Pandit appointed CEO of Holcim (Bangladesh)
Sumanta Pandit has recently been appointed chief executive officer of Holcim (Bangladesh). Mr Pandit joins the company from Emirates Cement, a subsidiary or India's UltraTech Cement where he headed the business as Country Manager. Previously, Mr Pandit has worked for various multinational cement companies in different managerial roles. In his 22 year cement industry career, he has worked in...
India Cements board approves funding proposal
The Board of India Cements has approved a proposal to raise INR500 crore through qualified institutional placements or foreign currency convertible bonds to meet capital expenditure, a senior company official has said. "The Board has approved the proposal for raising an amount not exceeding INR500 crore by way of issue of QIP/FCCB/GDR or other Securities to improve the leverage and for meet...
Holcim and Lafarge select future executive committee
Holcim and Lafarge have selected the future executive committee to head the combined company after completion of the merger. In the new set-up, Bruno Lafont, as CEO, will head up a project team of 10 seasoned managers who will lead the transition until the completion of the merger. Once the merger is finalised, the members of this project team will be officially appointed members of the Execut...
HeidelbergCement to sell its North American and UK Building Products Business
HeidelbergCement announced that it has entered into a definitive agreement with an American affiliate of Lone Star Funds to sell its North American (excluding Western Canada) and United Kingdom building products business, Hanson Building Products, for an total price of US$1.4bn, of which up to US$100m will be payable in 2016, depending on the performance of the business in 2015. The closing is...
UltraTech Board approves Jaiprakash Associates MP acquisition
The Board of Directors of UltraTech have approved in principle the acquisition of the Madhya Pradesh assets of Jaiprakash Associates Ltd, which represents an entreprise value of INR54bn (US$852m). The acquisition includes an integrated cement plant with a clinker capacity of 2.1Mta and a cement capacity of 2.6Mta in Bela and an integrated unit at Sidhi with clinker and cement capacities of ...
Savannah Cement confirms KES18bn investment in grinding unit
Kenya’s Savannah Cement confirmed plans to invest more than KES18bn (US$199m) in its second high-efficiency milling unit to meet the growing demand in the Kenyan market. The new grinding plant will be installed at the company’s Kitengela site and is part of the company’s strategy to operate a fully-integrated cement business. Savannah Cement’s MD, Ronald Ndegwa, also said that plans for its...
Lafarge Tarmac’s Cauldon cement plant reports 500 days of zero harm
LafargeTarmac’s Cauldon cement works is marking a record 500 days of zero harm. It follows the factory celebrating five years with no lost time injuries (LTIs) and its quarry being free of LTIs for 17 years. Plant manager Martin Bains said: "This is a great achievement and one which clearly demonstrates our commitment to the highest standards of health and safety across our business. It is t...
Dangote raises cement price
Reversing a November price cut, Dangote Cement increased the price of its product to NGN2200/50kg bag. The new VAT-exclusive prices will see distributors pay NGN1645-1655/bag for ex-works orders and NGN1745 for orders delivered from the Ibese plant. Ex-works prices from Isolo hovered around the NGN1700 mark, according to one local source. The changes, which were not formally announced by th...
Swiss CemIn West acquires 96.6% of Ivano-Frankivskcement
Switzerland-based CemIn West SA has bought a 96.6 per cent in Ukraine’s Ivano-Frankivskcement, according to the target company. The majority holding was bought from Cyprus-based Permixo Ltd, Basmaren Enterprises Ltd and Prenters Engineering Ltd, which sold their respective stakes of 36.98%, 20.76% and 13.3% in the Yamnitsa-based entity. Ivano-Frankivskcement closed 2013 with a net profit of...
Kenya: new appointments at EAPCC
Former Capital Markets Authority (CMA) chairman, Kung’ Gatabaki, has joined the East African Portland Cement (EAPCC) board as one of two new directors nominated by the global conglomerate Lafarge, stepping into the shoes of former Kenya Airways CEO, Titus Naikuni, who held the position for eight years. Prof Sarone ole Sena, the chairman of the Eldoret University Council, has also joined the EA...
HeidelbergCement sells Stockholm property
As part of its asset structure optimisation, HeidelbergCement is selling its property at Lövholmen, Stockholm, Sweden, to enable residential development. The company currently operates a cement terminal at the location, which it plans to move to an industrial zone at Värtan, Stockholm. The agreed minimum price of the property is around EUR115m and the deal is subject to several conditions, ...
CRH announces non-executive board appointment
The Board of CRH plc is pleased to announce the co-option to the Board, with effect from 1 January 2015, of Patrick J Kennedy as a non-executive director. Mr Kennedy (61), an Irish citizen, retired in 2014 as chairman of the Executive Board of Directors of SHV Holdings (SHV), a large family-owned Dutch multinational company with a diverse portfolio of businesses, including the production and ...