Cement News tagged: Corporate
UAE to construct MSW plant for alternative fuel production
The UAE will soon start construction and operation of a municipal solid waste treatment (MSW) plant and alternative fuel production plant in the northern emirate of Umm Al Qaiwain. The initiative by the UAE Ministry of Climate Change and Environment has signed an agreement for the project with NV Besix, TG Eco Holding and UK-based Green Revenires. The 40ha plant will come up in Al Madfaq area...
Aumund appoints new managing director
Dr Ing Pietro de Michieli has been appointed Aumund Fördertechnik GmbH's ew Managing Director, to focus on equipment sales, spare parts, after sales service and PREMAS ® 4.0, at the Aumund headquarters in Rheinberg, Germany. Before joining Aumund, Pietro de Michieli was managing director of OMG MGM Cranes (Bedeschi Group) and chief operating officer of Bedeschi SpA. Earlier in his career he...
Bronx terminal brings environmental benefits
McInnis Cement has opened its Bronx terminal at the South Bronx waterfront, New York, USA. The terminal is approximately 100,000ft 2 with a warehouse for storing 44,000Mt of cement. Large ocean-going vessels will deliver cement from the company's plant in Port-Daniel-Gascons, Quebec, to the Bronx about once per month. The environmental benefits of the project will include a decrease in traff...
Katari Municipality slaps ban on limestone excavation and transport
Saurya and Cosmos Cement Industries have come under a ban to quarry and transport limestone in the Katari Municipality. K atari Municipality Mayor Gyanendra Shrestha said that his office had prevented the two cement companies from transporting limestone for the time being as they had ignored repeated requests to come under the local level tax net. "Industrialists have not even paid vehicle ...
Attock Cement revenue increases in 1QFY19
Attock Cement Pakistan Ltd (ACPL) has announced its 1QFY19 results. It reported a net profit after tax of PKR423m (US$3.2m), down 30 per cent YoY despite an increase in revenue from PKR3.59bn to PKR5.83bn during this period. Analyst believes another reason for the profit fall was a rise in coal prices during this period. The company incurred a higher distribution cost of PKR626m and administ...
Expansion project of Maple Leaf Cement on the track
Maple Leaf Cement Factory Ltd has updated the Pakistan Stock Exchange about progress on it expansion project. According to Company Secretary, Muhammad Ashraf, the company is undertaking an additional dry-process clinker line of 7300tpd. The brownfield expansion at the existing Iskandarbad plant raises grey cement capacity at the plant to 18,000tpd. Total project cost is estimated at PKR26bn...
Unacem buys Cementos Portland for US$28m
Peru-based Unacem has acquired Cementos Portland for US$28m from Cementos Bío Bío and Votorantim. Unacem, which operates 8.3Mta of production capacity at two plants at Atocongo and Condorcocha, informed the Superintendency of the Stock Market (SMV) that on 10 October, it had carried out "a transfer of 100 per cent of the shares representing the capital stock of Cementos Portland for the tot...
Raysut Cement 9M profit falls
Raysut Cement Co reported revenues in the first nine months of 2018 were OMR64m (US$166.5m), representing a17 per cent increase when compared with OMR54.7m in 9M17. However, the company noted a significant drop in profit to OMR2m vs OMR6.7M in 9M17.
Lafarge suffers loss on high tax payment
Lafarge Cement Zimbabwe reported a loss of ZWD1174m (US$4.9m) for 1H18 due to a significant tax settlement. In 2017, the company disclosed a contingent liability of ZWD7.9m relating to a tax assessment for the 2009-13 period. Last June the matter was heard in the courts but the judgment is yet to be handed down. Income tax payments rose ZWD2.7m from ZWD26,260 during the period under review....
Egypt’s National Cement Co to be liquidated
The Egyptian government has decided to liquidate National Cement Co due to continued financial losses and debt accumulation, according to Ahramonline. Total accumulated financial obligations had reached over EGP4bn (US$223m), including EGP3.3bn owed to Egyptian Natural Gas Holding Co and EGP600m to the Egyptian Electricity Co. Established in 1956, the company was the only public sector c...
Emami Cement files IPO prospectus
Emami Cement has filed a prospectus with market regulator Sebi to raise up to INR10bn through an IPO, according to a document on issue manager manager Axis Capital’s website. "The Initial Public Offering of equity shares of face value INR10 each of Emami Cement Ltd for cash. The offer comprises of a fresh issue of equity shares aggregating up to INR500cr and an offer for sale (OFS) of equity ...
IMIDRO chairman resigns
Mehdi Karbasian, the chairman of the Iran Mines and Mining Industries Development and Renovation Organisation (IMIDRO), has resigned. Fars news agency reported that Kabasian resigned his post after new legislation on retired employees was ratified by the country. Ardeshir Sa'ad Mohammadi, deputy of IMIDRO, becomes the temporary new chairman of the organisation. IMIDRO operates eight major c...
Lucky Cement re-appoints top directors
Irfan Chawala, CFO of Lucky Cement, has informed Pakistan's Stock Exchange of the re-appointment of top executives of the company. The Board of Directors has re-appointed Muhammad Yunus Tabba as the Chairman of the Board of Directors for another term of three years, while Muhammad Ali Tabba is also re-appointed, as CEO for three years. Other company directors are Muhammad Sohail Tabba, Jaw...
Cementos Bío Bío sells Peruvian subsidiary
Chile’s Cementos Bío Bío has sold its Peruvian subsidiary, Cementos Portland, in a transaction valued close to US$14bn, according to La Tercera. The departure means that it will no longer be participating in a project with Brazil’s Votorantim Cimentos to construct a plant in Lima, which has reportedly faced a number of difficulties concerning market rivals. A further two projects that the co...
Tamil Nadu Cements completes construction of new plant
India’s Tamil Nadu Cements Corp Ltd has completed the erection of a 1Mta plant in Ariyalur, with 95 per cent of the total work now completed. The new facility represents an investment of INR7.5bn (US$101m) and will be the company’s second plant in the region. "The new plant will be a game changer on various aspects. The fully-automated plant is designed to produce 1Mt of cement a year. It w...
Dangote to push ahead with London IPO
Dangote Cement Chairman and CEO, Aliko Dangote, says Bank of America Merrill Lynch and Standard Chartered Bank could be among the banks to organise Dangote Cement’s London public listing in 2019. Speaking at the Financial Times Africa summit, Dangote added the listing would go ahead in 2019 after the Nigerian elections, but he could not provide a date. Edwin Devakumar, group executive dire...