Cement News tagged under: Rwanda
CIMERWA set to list shares on stock exchange30 July 2020, Published under Cement NewsRwandan cement producer CIMERWA is set to list its shares on the Rwandan Stock Exchange on 3 August, the company said in a press statement. Each share is trading at RWF120 (US¢12.6), the government expects to raise a total of RWF41.3bn. The step is part of the government to sell its stake in the cement company, joining other shareholders that have expressed an interest in exiting from the business. The government owns a stake through Agaciro Development Fund, Rwanda Social Security Board, ... |
Rwanda's cement shortage sparked by classroom building21 July 2020, Published under Cement NewsCimerwa is seeing a sharp rise in cement prices in Rwanda, following a cement shortage that has been driven by the Ministry of Education's programme for 20,000 classrooms to be built before September in the country. Cement prices have climbed from RWF8500 (US$8.92) to RWF13,000 (US$13.64) in recent days. Cimerwa's retail prices for cement are lower at RWF8800 for Surewall, RWF9800 for Surecem and RWF10,800 for Surebuild. The company expressed displeasure at traders selling cement at h... |
Rwanda's Prime Cement set to begin operations14 July 2020, Published under Cement NewsA new cement plant under construction in Musanze, Rwanda, is set to begin marketing its product next month. Prime Cement Ltd is expected to begin production at around 50,000tpm or 600,000tpa of cement. "Preparations are on high gear. Most of the equipment and machinery are in their place and a few remaining are on their way from Mombasa. No wonder, we shall be on the market next month," said Eric Rutabana, the plant manager. The works is expected to begin selling cement at RWF9000/bag (U... |
East African prospects16 June 2020, Published under Cement NewsThe east African cement markets of Uganda, Rwanda, Malawi and Burundi have continued to experience rising levels of cement consumption over recent years with investments in infrastructure and affordable housing. However, the COVID-19 crisis is likely to take its toll on cement consumption growth in 2020. Uganda has both one of the largest economies and cement industries in East Africa, with capacity growth fuelled by growing confidence on the back of expected oil revenues The... |
CIMERWA to list on stock market02 June 2020, Published under Cement NewsCIMERWA has said that it is currently in the process of listing its shares on the Rwanda Stock Exchange (RSE). Mr Sigei, CEO, said that the transaction is currently in the hands of the relevant regulators and will be announced in due course. The listing of the company will also depend on its market performance, which has been affected by the coronavirus pandemic despite a significantly financial book last year, reports KT Press. If listed, CIMERWA will be come the ninth company on the RS... |
CIMERWA appoints new CEO01 June 2020, Published under Cement NewsRwandan cement company, CIMERWA, recently appointed Albert Kipkemoi Sigei as its new CEO, succeeding Bheki Mthembu, whose term ended. Mr Sigei, with more than 17 years of experience in the building materials sector, has a degree in Mechanical Engineering from the University of Nairobi, Kenya, as well as professional qualifications in accounting and information technology management. He comes to CIMERWA after a position as CEO of LafargeHolcim Malawi, following posts in Kenya, Egypt and Nig... |
Bamburi sees 37% drop in net profit in 201911 May 2020, Published under Cement NewsKenya-based Bamburi Cement has posted a 37 per cent YoY fall in net profit in 2019. Net profit declined to KES359m (US$3.39m) from KES572m in 2018. The company attributed the decrease in profit to reduced domestic cement consumption, low prices and an inability to access the Rwandan market due to the closure of the border with Uganda, denying its Uganda subsidiary Hima Cement access to the Rwandan market early last year. Bamburi’s revenues slipped by 1.2 per cent to KES36.79bn in 2019 fro... |
CIMERWA reports 20% sales increase06 December 2019, Published under Cement NewsRwanda-based CIMERWA posted a 20 per cent YoY increase in its sales volumes and a 28 per cent growth in revenues to RWF514m (US$560,342) in the 9M2019, attributed to the maintenance and upgrade of its 0.6Mta cement plant in Rusizi, Western Province, in 2018. CIMERWA currently produces 480,000t of cement, a significant advance when compared with an output of 364,864t of cement in 2018, less than 60 per cent of the country’s cement demand. Cement shortages saw domestic cement prices surge b... |
PPC28 August 2019, Published under Cement NewsSouth Africa’s PPC has failed to submit a bid for the Rwandan government’s 46 per cent stake in cement producer Cimerwa, forcing the government to seek an alternative investor. PPC had indicated it would be making a bid and was given until 5 July 2019 to do so. Cimerwa has been persistently underperforming for a number of years now, manufacturing just 364,864t of cement in 2018, despite its production capacity of 0.6Mta. Meanwhile, cement demand in Rwanda has grown steadily on the back of... |
Government extends deadline for Cimerwa stake18 July 2019, Published under Cement NewsThe Government of Rwanda has moved the deadline to sell its stake in Cimerwa from 5 to 19 July, with the extension providing a chance for more individual investors and companies to submit a proposal, according to the Rwanda Development Board. The government and its affiliates hold a 49 per cent stake in the company, while South Africa’s PPC is the majority shareholder at 51 per cent. The Rwandan government had initially given PPC an opportunity to buy the remaining shares . According to... |