Cement News tagged under: Kenya
Kenyan prices hiked on new mining levy16 January 2014, Published under Cement NewsKenyan producers have raised cement prices following a new levy imposed by the Ministry of Mining. Najib Balala, the Cabinet Secretary for Mining, announced a KES140/t mining levy on cement on 18 December 2013, which translates to KES7/50kg bag. The decision has come much to the displeasure of some producers who have called the levy ‘unfair’ and ‘illegal.’ Due to the new levy, National Cement has increased its ex-factory prices from KES600 to KES625/50kg – after having reduced pri... |
Kenyan prices expected to rise10 January 2014, Published under Cement NewsA decision by Kenya's ministry of Mining to impose a levy on cement manufacturers is likely to see cement prices rise by KES10/50kg bag next week. “This new levy is a result of a negotiated settlement between the Government and cement makers for purposes of creating a level playing field between those who import finished products and those who have clinker,” said Pradeep Paurana, Chief Executive Officer, Athi River Mining (ARM) told local news. The new 1.5 per cent per tonne levy for ... |
ARM awaits board approval for South African project03 January 2014, Published under Cement NewsARM Cement is still awaiting board approval for the construction of a new cement plant in South Africa, the company's managing director, Pradeep Paunrana, has said. Mafikeng Cement, in which ARM has a 70 per cent stake, plans to build a plant a 3000tpd plant in Africa's largest economy, Paunrana told Nairobi-based Business Daily newspaper, Bloomberg reported. However, the company is still awaiting approval from its board of directors, with Mr Paunrana explaining to Bloomberg in an interv... |
EAPCC in spat with CMA over Lafarge appointment31 December 2013, Published under Cement NewsEast African Portland Cement Company (EAPCC) has gone to court, seeking to lift the suspension of its annual general meeting resolutions by the Capital Markets Authority (CMA), according to a report in Kenya’s Business Daily. The company argues that the CMA lacks the mandate to suspend the resolutions since AGMs are overseen by the Registrar of Companies. CMA suspended the resolutions by shareholders two weeks ago following a protest from the government, which is the majority shareholder. ... |
Savannah Cement appoints CEO, Kenya09 December 2013, Published under Cement NewsSavannah Cement, one of Kenya's newest market entrants, has Ronald Ndegwa as its first chief executive. The company operates a 1.5Mta cement works in Athi River which was commissioned in July last year. Without a permanent CEO in place, the company has been undertaking an extensive search to find a suitable business leader to take the helm. Mr Ndeta has previously served as the Director of Supply Chain at Tata Chemicals Magadi. Prior to joining Tata Chemicals Magadi, Ndegwa had previously ... |
ARM Cement expects Kenyan market to grow for the next 50 years07 November 2013, Published under Cement NewsKenya's cement market is set to expand on the back of government infrastructure spending on ports and roads, while house builders trying to meet an annual deficit of some 440,000 units. A Bloomberg report claims that these factors are encouraging ARM Cement Ltd, Kenya’s second-largest cement maker, to raise capital by selling eurobonds to fund a US$300m expansion programme. ARM Cement looks committed to building cement capacity for the long term. Pradeep Paunrana, ARM's managing director, ... |
ARM Cement 9M13 pretax profit boosted by higher sales05 November 2013, Published under Cement NewsARM Cement posted a 28 per cent rise in pretax profit for the first nine months of the year boosted by higher sales. Kenya’s second largest cement producer said on Tuesday its profit rose to KES1.53bn (US$17.9m) as turnover rose 32 per cent to KES10.2bn. Earlier, the company forecast 35 per cent growth in earnings this year helped by increased production capacity due to a new 0.75Mta grinding plant in Tanzania. Next year the company is due to launch its second Tanzanian facility, a 1.5Mta ... |
ARM expects new capacity to boost earnings01 November 2013, Published under Cement NewsKenya’s ARM Cement said it expects earnings to increase at a faster pace this year thanks to its new capacity in Tanzania. In an interview with Reuters, ARM Cement’s chief executive, Pradeep Paunrana, told Reuters that the company is looking to increase its “top line and bottom line by 35 per cent over last year,” and expects similar growth next year regarding its expectations for profitability and sales.. The company commissioned a 0.75Mta grinding plant in the Tanzanian capital of Dar ... |
ARM anticipates higher earnings growth04 October 2013, Published under Cement NewsKenya-based ARM Cement expects a slight acceleration in earnings this year as new capacity in Tanzania boosts volumes, its chief executive has said. Referring to his expectations for profitability and sales, Pradeep Paunrana told Reuters: “This year we are looking at increasing our top line and bottom line by 35 per cent over last year and next year we expect a similar growth.” The company commissioned a 0.75Mta grinding plant in the Tanzanian capital of Dar es Salaam a year ago, adding ... |
Dangote plans to invest in new Kenya plant09 September 2013, Published under Cement NewsDangote Cement plans to invest in a new cement plant in Kenya, according to the country’s president’s office. Aliko Dangote was part of a business delegation that was visiting Kenya with Nigeria's President Goodluck Jonathan. The countries signed bilateral deals in sectors including tourism, agriculture and oil and gas. "(President Uhuru Kenyatta) particularly cited the ... the decision by Nigerian tycoon Aliko Dangote to invest US$400m in a cement processing plant as an indicator that ... |