Cement News tagged under: Arabian Cement Company

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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...

Saudi: Arabian Cement quarterly net profit up 6.2% YoY

18 April 2014, Published under Cement News

Saudi-based Arabian Cement Company (ACC) posted a SAR167.1m (US$44.6m) net profit for the first quarter of 2014, up 6.2 per cent from SAR157.3m a year ago. Earnings per share (EPS) stood at SAR 2.09, compared with SAR1.97.

Egypt: ACC to start IPO roadshow next week

15 April 2014, Published under Cement News

Egypt's Arabian Cement Company (ACC) plans to start an international roadshow next week to float between 22.5-30 per cent of the company, its chief executive, Jose Maria Magrina, told Reuters on Monday. "Our target is the 14th of May to start trading and I think 12th of May end of subscription but that may change ... It depends on the result of the roadshow," Mr Magrina said.

ACC reports full-year loss, Saudi Arabia

21 January 2014, Published under Cement News

Saudi producer Arabian Cement Company (ACC) reported SAR190m (US$50.7m) in net earnings in FY13, a 50.96 per cent decline compared with SAR387.4 min FY12. In the fourth quarter of 2013, ACC reported a loss of SAR108.7m against a loss of SAR82.3m in the corresponding period of the previous year. ACC is the the fifth-largest producer in Saudi Arabia with a capacity of 3.84Mta. The company had planned to add a new 7000tpd line (2.3Mta) to increase its existing capacity by 41 per cent. Howeve...

ACC plans to list on Egypt stock market

05 September 2013, Published under Cement News

Arabian Cement Co (ACC) is preparing to list on Egypt’s stock market and has submitted a proposal to the Misr for Central Clearing, Depository and Registry (MCDR) to be centrally registered. The company told Zawya News that the company will be added to the central registry as soon as the review is completed. Arabian Cement is 68 per cent owned by Spain-based Cementos La Unión.

Egypt's cement production drops 20% because of gas shortages

11 June 2013, Published under Cement News

A shortage of natural gas in Egypt and subsequent constraints in electricity supply over the last four months has forced the country's cement industry to reduce production by 20 per cent. Peaking electricity use in the summer months is expected to aggravate the decline. An even steeper drop in production capacity of 25 per cent was incurred by Arabian Cement Company (ACC)'s Suez plant after the operator was struggled to come to terms with unforeseen gas and power shortages. The cement comp...

Adequate fuel supply needed to meet Saudi cement demand

10 June 2013, Published under Cement News

With massive investments being pumped into the infrastructure space, the outlook for the Saudi cement sector looks bright. Cement companies have benefitted largely from cheap raw materials and fuel availability, making them outstandingly profitable. However, there are some concerns on fuel supply, which could lead to cement shortages. Despite buoyant demand, the cement sector is facing difficulty in ensuring smooth supply of fuel from the government. At the same time, the ma...

ACC ready to make the switch from gas, Egypt

31 May 2013, Published under Cement News

Arabian Cement Company (ACC) has taken all the steps needed to make the switch from gas to coal and refuse derived fuel, according to the company's chief. Jose Maria Magrina, CEO of Egypt-based ACC, told local press: "ACC is ready to substitute 100 per cent of the amounts of gas required to operate its plant and has applied for the necessary government permits to do so on 14 March 2013. However until now no answer has been received from the government, even though this is something that w...

Egypt: signs of stability despite political unrest

11 February 2013, Published under Cement News

Despite recent news reports of political tension in Egypt, there are some positive signs in the country's cement market that demand is recovering after two difficult years. The latest figures indicate that last year cement demand expanded by around five per cent, just surpassing the 51Mt mark, a growth rate not seen since 2009. In 2011, consumption fell 1.7 per cent to 48.69Mt while prices contracted 10 per cent.   During these the past two years, the entry of new companies has provided new ...

Arabian Cement Company fire damage, Saudi Arabia

12 October 2012, Published under Cement News

Arabian Cement Company said that a fire which broke out at its third cement mill at its plant in Rabigh on 20 September was caused by an electrical problem, Construction Week reports. The company said that although clinker production was not impacted by the fire, the temporary closure of one of its five existing mills is likely to lead to an expected temporary drop in sales of around 1000tpd. The fire was brought under control quickly, and there were no casualties, but it could be three-to...