China’s Sinoma says Nigeria cement projects delayed

China’s Sinoma says Nigeria cement projects delayed
Published: 19 November 2008

China’s Sinoma International a subsidiary of China National Materials Co Ltd said on Wednesday that a Nigerian partner plans to alter contracts in cement projects worth a combined US$3.25bn.

Sinoma said its partner Dangote Group intends to cut prepayments or postpone the start of construction on some projects, but it was unclear how many projects would be affected and it planned further discussions with the group.

Sinoma signed contracts in February and July of this year with Dangote to build cement plants in Nigeria.
Sinoma’s Shanghai-listed shares were down 8.79 per cent at ¥31.35 in early trade, compared with a 0.75 per cent rise in the Shanghai Composite Index.