Cement News tagged: Corporate

East African Portland Cement defaults on KCB Bank loan

03 January 2020, Published under Cement News

East African Portland Cement Company (EAPCC) has defaulted on a KES263m (US$2.6m) loan it took from KCB Bank, prompting the lender to recall the credit facilities, reports PricewaterhouseCoopers (PwC). PwC's report relates to an audit of the cement manufacturer’s accounts for the year ended June 2019. "In the year under review, the entity defaulted on the contractual loan repayments to KCB ...

UltraTech Cement reduces cement price in Jammu and Kashmir

03 January 2020, Published under Cement News

India’s UltraTech Cement has reduced the price of cement in Jammu and Kashmir following the abolition of a toll tax in Lakhanpur, according to the region’s Department of Information and Public Relations. As a result, the price is reportedly decreasing to INR380/bag (US$5.29) from INR445/bag. The goods toll, previously being enforced under the Jammu and Kashmir Levy of Tolls Act 1995, has ceas...

Director of Fauji Cement resigns

03 January 2020, Published under Cement News

Pakistan’s Fauji Cement Co Ltd has announced that Tahir Ashraf Khan has resigned from his position as director of the company, with effect from 1 January 2020. The company has not yet named a successor for this position, but appointed a new non-executive director in October 2019 .

Oman Cement Co announces new 5000tpd plant

02 January 2020, Published under Cement News

Oman Cement Co has issued an EPC tender for a new integrated cement plant in Duqm with a clinker capacity of 5000tpd. The plant will be operated as Alsahawa Cement Co (ASCC). The project is expected to be implemented in a backward integration mode, where cement will be produced by ASCC after receiving clinker from its parent company. Through this process, cement is anticipated to be available...

HeidelbergCement Bangladesh seeks court approval for amalgamation

HeidelbergCement Bangladesh seeks court approval for amalgamation

02 January 2020, Published under Cement News

HeidelbergCement Bangladesh Ltd has updated Dhaka Stock Exchange last week about seeking court approval for amalgamation with Meghna Energy Ltd. The company's notification says, "Refer to their earlier news disseminated by DSE on 18.07.2018 regarding amalgamation with Meghna Energy Ltd; the company has further informed that they have jointly presented an application under Sections 228 and 229...

Maple Leaf Cement elects eight directors unopposed

02 January 2020, Published under Cement News

Maple Leaf Cement Factory Ltd (MLCF) has informed Pakistan Stock Exchange (PSX) that its Board of Directors meeting held on 31 December 2019 and eight persons were elected unopposed as directors for the next term of three years commencing 31 December 2019. The new team comprises Tariq Sayeed Saigol, Taufique Sayeed Saigol, Waleed Tariq Saigol, Danial Taufique Saigol, Jahanara Saigol, S...

Fitch downgrades InterCement due to weak Argentine outlook

Fitch downgrades InterCement due to weak Argentine outlook

01 January 2020, Published under Cement News

Fitch Ratings had downgraded InterCement Participacoes SA's Long-Term Foreign and Local Currency Issuer Default Ratings to 'B-' from 'B'. The rating outlook is stable. The downgrade is due to negative GDP growth expectations in Argentina during 2020 and a continued decline in the purchasing power of the company's clients in this market due to high inflation and the deterioration of the Argent...

Thatta Cement appoints new CFO

07 January 2020, Published under Cement News

Thatta Cement Co Ltd (THCCL) informed the Pakistan Stock Exchange (PSX) on 1 January that Mr Fuad Zakaria Bhuri has been appointed to the position of Chief Financial Officer (CFO) of the company with effect from 1 January 2020, in place of Mr Shahid Yaqoob. Thatta Cement operates an integrated cement plant with a capacity of 488,250tpa at Thatta in the Sindh Province of Pakistan.

South Valley Cement losses increase sharply

31 December 2019, Published under Cement News

South Valley Cement Company, Egypt, posted a 930 per cent year-on-year increase in losses during the first nine months of 2019, according to the company’s financial statements. The cement producer’s losses amounted to EGP173.9m (US$10.83m) in the January-September period, compared to EGP16.8m in the same period in 2018, according to a statement to the Egyptian Exchange. During the same perio...

CRH seeking buyers for its Brazilian business

02 January 2020, Published under Cement News

CRH, Ireland, is selling its cement business in Brazil, which it acquired in 2015 as part of a portfolio of assets bought from Lafarge and Holcim during their merger, according to reports in Valor Economico. CRH Brasil Participacoes S.A. operates three integrated plants and one grinding mill in the states of Minas Gerais and Rio de Janeiro with a total cement production capacity of 2.75Mta. ...

UltraTech to buy Emami

02 January 2020, Published under Cement News

UltraTech Cement Ltd has emerged as the front-runner to buy the cement business of Emami Group in an all-cash deal worth INR6,500-7,000 crore (USD910-980m), according to a report by MintAsia. The sale of Emami Cement Ltd has entered the final round, with Ambuja Cements Ltd, part of the LafargeHolcim Group, also understood to have made an offer for Emami. The purchase of Emami Cement would en...

Makoju retires; Dangote Cement appoints new CEO

27 December 2019, Published under Cement News

Michel Puchercos, a former managing director of Lafarge Africa, has been appointed as the new Chief Executive of Dangote Cement Plc, according to a report in The Sun, Nigeria. His appointment comes following the retirement of Joseph Makoju from the board of Directors of Dangote Cement and as the group managing director and CEO, ending a 45-year career in the industry. Mr Puchercos, a Fre...

DG Khan Cement completes 12MW WHR power project

27 December 2019, Published under Cement News

Pakistan-based DG Khan Cement Co Ltd (DGKC) has informed the Pakistan Stock Exchange (PSX) that it has successfully completed installation and commissioning of a 12MW waste heat recovery power plant (WHRPP) with air-cooled condenser (ACC) technology at its 2.11Mta cement plant in Khairpur, Punjab. DGKC’s Company Secretary, Khalid Mahmood Chohan said: “[Through] this technology, process waste...

Fecto forms new subsidiary, reports fall in domestic sales

27 December 2019, Published under Cement News

Fecto Cement Ltd has approved the formation of a wholly-owned subsidiary to implement the investment in a new cement plant. The Pakistani cement producer had earlier announced plants to build a 6000tpd greenfield plant and 9MW waste heat recovery power plant in Palai, Khyber Pakhtunkhwa. Completion of the project would be expected in 18 months’ time. Financial performance 1QFY19-20 In th...

Cemento Cienfuegos achieves 2019 planned production

24 December 2019, Published under Cement News

Cuba’s Cemento Cienfuegos achieved its planned output for 2019 and will continue to produce cement to supply extra volumes to prioritised construction programmes in the country. The plant’s production reached more than 0.696Mt, a few days before the end of the year, despite damage to the plant during the year and reduced energy output due to the intensification of the USblockade, reported A...

Thatta Cement Co appoints Muhammad Aslam Shaikh CEO

24 December 2019, Published under Cement News

Pakistani-based Thatta Cement Co Ltd (THCCL) has informed Pakistan Stock Exchange (PSX) that Muhammad Aslam Shaikh is the company’s new CEO with effect from 23 December 2019, replacing Muhammad Taha Hamdani.   THCCL has a production capacity of 488,250tpa at its cement plant in Thatta, Sind Province.