Cement News tagged under: Arabian Cement Company

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Egypt: ACC to boost alternative fuels usage

18 March 2015, Published under Cement News

Egypt-based Arabian Cement Co (ACC)  is seeking to utilise alternative energy to increase its capacity utilisation rate to 100 per cent, the company’s CEO Jose Maria Magrina told Daily News Egypt on the sidelines of the Economic Summit. The company is currently running at approximately 80 per cent of its capacity. Coal accounts for around 70 per cent of energy use, while alternative fuels represent 10 per cent including waste and biomass. Arabian Cement is currently working on the complet...

Arabian Cement Co names chairman

07 January 2015, Published under Cement News

Arabian Cement Co’s board of directors on Thursday approved the appointment of Abdullah Mohammed al-Eissa as board chairman, with a three year term effective 1 January 2015. In early December, the company elected a new board of directors. The other newly-elected board members are Ghassan al-Souleiman, Saud al-Souleiman, Adel al-Zaid, Ibrahim al-Rajhi, Ibrahim Aba al-Khail, Sami Baroum, Mu'taz al-Azawi and Alwaleed al-Dareean.

Egypt: Arabian Cement Co’s consolidated 9M14 revenues up 17%

24 November 2014, Published under Cement News

Arabian Cement Company has reported its consolidated results for the first nine months of 2014. Revenues in the period rose 17 per cent to EGP1788.5m (US$250m) as compared to EGP1532.1m in 9M13, on the back of the early signs of economic and security improvements in Egypt. Net profit dropped 35 per cent YoY to EGP200.4m, while net profit margin was down nine percentage points to 11 per cent on the combined impact of the expiration of the company’s tax-exempt status – ACC is now taxed at th...

Arabian Cement to set up Brazilian joint-venture

05 November 2014, Published under Cement News

Egypt-based Arabian Cement Company, announced it will establish a grinding plant in northwest Brazil as part of a joint-venture agreement with local cement manufacturer Cementos Relampago, part of Cementos La Union. The 2.3Mta facility is expected to involve an investment of €23m ($28.7m), of which Arabian Cement will contribute €7m. Arabian Cement added that its contribution represents 60 per cent of the total paid in capital, noting that 50 per cent of the project’s cost will be financed...

ACC begins preliminary coal usage, Egypt

03 June 2014, Published under Cement News

Egypt-based Arabian Cement has started testing coal at its cement plant as part of plans to secure alternative energy sources. In April, the government approved the use of coal for energy production in the hope that it would prevent any further weakening of output levels due to energy restrictions. In addition, ACC has been making strides with the use of other energy sources. “The company has already completed the first phase of its plan for converting solid waste, which currently provi...

Arabian Cement Co first-quarter update

23 May 2014, Published under Cement News

Arabian Cement Company (ACC) posted a EGP116.4m (US$16.3m) net profit for the first quarter of 2014. ACC was the first major listing on Cairo's bourse since the 2011 political uprising, raising US$110m.

Egypt: Arabian Cement seeks to raise US$120m from IPO

12 May 2014, Published under Cement News

Arabian Cement Company has set the price for its initial public share offer (IPO) at EGP9 (US$1.28) a share after a private placing was 11.3 times oversubscribed, the company said on Sunday. The offer, whereby Arabian Cement is seeking to raise around US$120m will make it the first major company to enter the stock exchange since the overthrow of Hosni Mubarak in 2011. The company plans to sell 85.202 million shares of which 59.641 million were placed. Last month it set an indicative pri...

Egypt: Arabian Cement to raise US$100m through IPO

07 May 2014, Published under Cement News

Arabian Cement aims to raise US$100m by listing on the Egyptian stock market, according to an official from top MENA investment bank EFG Hermes. The cement company has previously stated that it has set an indicative share price between EGP8.45 (US$1.20) and EGP9.55 (US$1.36). Trading is expected to begin on 21 May. Karim Awad, chief executive officer at EFG Hermes, said he was optimistic about the prospects for the listing of other state-owned enterprises on the Egyptian Stock Exchange. "...

Egypt: ACC set for IPO

29 April 2014, Published under Cement News

Egypt-based producer Arabian Cement Company has set an indicative price range for its planned stock market listing at between EGP8.45 and EGP9.55 (US$1.37), with trading to begin on or around 21 May 2014, Chief Executive Jose Maria Magrina said on Monday. The deadline for buying orders will be on 8 May 2014 for private placement and 13 May for retail investors. The price of the initial public offering (IPO) will be announced on 10 May, he told Reuters in emailed statements. Magrina also to...

Norton Rose Fulbright advises on Arabian Cement IPO in Egypt

24 April 2014, Published under Cement News

Global legal practice Norton Rose Fulbright is acting as international transaction counsel for the announced Arabian Cement Company (ACC) initial public offering (IPO) in Egypt and international institutional offering on the Egyptian Exchange (EGX). EFG Hermes and CI Capital are acting as Joint Global Coordinators in connection with the offering. ACC, the Egyptian cement producer, is majority-owned by Spain's Cementos La Union. The offering will involve a sale of shares by certain min...