Cement News tagged under: Kenya
Wilfred Murungi retires from ARM Cement20 August 2018, Published under Cement NewsKenyan billionaire Wilfred Murungi has parted ways with ARM Cement Ltd, ending his 24 years of tenure as a director at the cement producer. "I wish to inform all shareholders that after 24 years period serving as a director of ARM Cement PLC, and briefly as Board Chair, I will officially be retiring effective 13 August 2018," Murungi said in his announcement. "In the period I have served in the Board, I have seen the Company experience tremendous growth from a small plant producing 200 ... |
Linus Gitahi is appointed Chair of ARM Cement Board17 August 2018, Published under Cement NewsLinus Gitahi, former Nation Media Chief Executive, has been appointed the Chair of the ARM Cement Board following Wilfred Murungi's retirement. Deputy Managing Director Surendra Bhatia has also retired from the position effective immediately with Thierry Metro appointed as a non-executive, non-independent director. "The Board of Directors take this opportunity to extend its gratitude to the outgoing Chairman of the company and Deputy Managing Director for their immense contribution to the c... |
Former ARM CEO to remain as board member17 August 2018, Published under Cement NewsPradeep Paunrana, chief executive of ARM Cement PLC (Kenya), said on Thursday he planned to quit his post as part of a changes at the Kenyan cement maker, but now states he will stay on as a board member. "As founder shareholder and entrepreneur, I will be an active Board member and support the incoming CEO and the management team in strengthening stakeholder relationships with suppliers, customers and the Government in all the three East African countries where we operate," Pradeep Paunra... |
ARM seeks limestone mining permit15 August 2018, Published under Cement NewsARM is requesting government approval to mine limestone in five areas in Kilifi County, Kenya. The cement producer wants to mine the raw material over 24.931km 2 in the Chonyi, Pangani, Chairing, Maereni and Maseras areas. Kenya’s Ministry of Petroleum and Mining invited objections to the bid to be made within 42 days. This latest application is the third such permitting step following applications to mine in Kajiado and Makueni counties last month. These are currently under considerati... |
Bamburi Cement launches new rapid concrete solution30 July 2018, Published under Cement NewsBamburi Cement has launched a ready-mix concrete that will speed up construction time by enabling continuous concrete pour in projects of more than 2000t in under 48h. Pours of this volume usually take almost a month using traditional methods. The new product, Poweraft, is designed for the construction of foundations for skyscrapers, bridge piers and generally all applications requiring mass delivery of fresh concrete. Bamburi Cement’s Managing Director, Seddiq Hassani, said that Powera... |
Cement consumption in Kenya falls to 2.3Mt Jan-May 201820 July 2018, Published under Cement NewsCement consumption in Kenya in the first five months of 2018 dipped to 2.3Mt compared to 2.5Mt in the same period in 2017 reports the Kenya National Bureau of Statistics (KNBS). "The deceleration was reflected in the decline in consumption of cement from 1.5Mt in the first quarter of 2017 to 1.4Mt in the quarter under review," said KNBS in its quarterly gross domestic product report for the 1Q18. KNBS noted that the decline in consumption was also occasioned by notable decreases in the ... |
Kenya's cement consumption falls to 1.4Mta in 2Q1813 July 2018, Published under Cement NewsCement demand in Kenya has fallen to 1.4Mta in the second quarter of the year, according to a report from the Kenya National Bureau of Statistics (KNBS). The agency attributes the drop to a continued slowdown in real estate activity. In the first quarter of 2017 domestic cement consumption reached 1.5Mt but has since decreased. Furthermore, the continuing decline was also reflected in a 15.7 per cent drop in cement imports as well as in an eight per cent fall in clinker imports during the... |
ARM negotiating US$120m loan deal with IFC12 July 2018, Published under Cement NewsARM Cement Ltd of Kenya is trying to reach an agreement with the International Finance Corp about a capital injection of US$120m in loans, acccording to ARM's Chief Executive Officer, Pradeep Paunrana. "Nobody just gives you US$120m without conditions," Mr Paunrana said. "We are in discussions, it is not a facility, it is a term sheet. There are conditions attached to this." The main conditions include a return to profitability and getting an equity investor during the next nine to 12 mont... |
ARM asks for time after missing bond payment10 July 2018, Published under Cement NewsThe Nairobi Securities Exchange-listed that the ARM Cement missed its June 2018 interest payment on a privately placed bond worth tens of millions of Kenyan shillings. The bond was issued in 2015 with the medium-term notes (MTN) maturing in November 2020 and expected to pay interest each June and December, according to the Business Daily. "We're asking our lenders to give us some time so that we can recapitalise the business, we're in negotiation for injection of between US$15m and US$20... |
Pokot Cement still waiting to get off the ground09 July 2018, Published under Cement NewsThe continued delay in establishing the Pokot Cement factory in Kenya, is infuriating local residents who expect to benefit from new job opprotunities. Today, prime land in the area whose value had risen, no longer attracts the interest of potential buyers, with the township remaining largely inactive. West Pokot County Executive Committee member for trade, Monges Lotodo, said the authorities sought audience with the Ministry of Mining a month ago concerning the delayed plant. "We have co... |