Cement News tagged under: Dangote Cement

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25 September 2017, Published under Cement News

PPC shareholders will meet in early October to discuss merger proposals for the company. Following two previous unsuccessful attempts, AfriSam has once again submitted a merger deal, this time supported by Toronto-based Fairfax Financial Holdings. This has been followed by a new deal from Dangote Cement, which apparently has the support of two banks. According to local media reports, PPC’s largest shareholder, Public Investment Corporation (PIC), supports the joint offer from AfriSam and ...

Tanzania is the latest price-pressured African market

22 September 2017, Published under Cement News

While South Africa's cement market is wrapped up in merger talk and oversupply, and Ghana's cement industry is crying out for protection against low imports, Tanzania is the latest African country to find that the bustle for greater market share is pushing prices down to unsustainable levels. Tanzania's price war Tanzanian cement producers are facing a sudden collapse in profitability as cement prices are falling in an increasingly competitive market. Heidelberg-owned Tanzania ...

Dangote confirms "preliminary talks" with PPC

15 September 2017, Published under Cement News

Talks between Dangote Cement and PPC regarding the possible acquisition of PPC by Dangote are in a "preliminary stage", according to the Nigeria-based cement producer, confirming news reports earlier this week . If successful, Dangote Cement would extend its presence in South Africa. Currently the company owns a 64 per cent stake in Sephaku Cement. "DCP (Dangote Cement Plc) hereby confirms that the board of directors of DCP has merely communicated its interest to the board of directors o...

Dangote earns US$86m in revenues from Ethiopia

14 September 2017, Published under Cement News

Dangote Cement earned revenues of more than US$85.8m from its plant in Ethiopia in the financial year that ended 8 July. Export volumes of more than 2Mt contributed significantly to sales revenues, including some US$1m from export sales to Kenya and Djibouti, according to Tariku Alemayehu, Dangote Cement’s deputy director of sales and marketing. Dangote Cement’s plant is located near the town of Muger, Oromia, some 85km west of Addis Ababa. Limestone reserves total around 223Mt. The 2....

Dangote sets eyes on PPC Group

11 September 2017, Published under Cement News

Aliko Dangote is considering counter offers for the PPC Group and as such could spark a bidding contest for South Africa’s largest cement producer, reported The Star who quoted people close to the subject. Dangote Cement sees the bid as a way to accelerate its pan-African expansion, but the company is only one of several companies keeping a close eye on the bidding. PPC has already received one rival offer to the AfriSam Group bid from Canada-based Fairfax Financial Holdings and both bids...

Dangote Cement to operate gas power plant in Tanzania by September

11 August 2017, Published under Cement News

Dangote Cement plans is to set up a gas-powered plant in Tanzania by September to reduce its operational costs and its reliance on diesel. Dangote annunced that it has invested US$90m in the construction of the coal/gas-fired power station to be fed with natural gas at a negotiated rate by the Tanzania Petroleum Development Corporation. Dangote stated that the Mtwara plant increased volumes by more than 64 per cent to nearly 0.388Mt in its 1H17 results, pushing the six months sales to mo...

Dangote Cement sells 2.3% stake to foreign investors

02 August 2017, Published under Cement News

Nigeria's Dangote Industries Ltd sold a 2.3 per cent stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at NGN86.1bn (US$236m), Reuters reported yesterday. Dangote Cement has been selling small stakes to increase its free float. A spokesman for the Nigerian Stock Exchange said 416 million shares of Dangote Cement were sold on Tuesday at NGN210 each in six off-market deals negotiated between Stanbic IBTC and Meristem stockbrokers.

Dangote Cement's 1H17 revenues rise by 41%

31 July 2017, Published under Cement News

Dangote Cement has released its 1H17 results, announcing group revenues of NGN412.7bn (US$1.31bn), up 41.2 per cent, and an EBITDA of NGN203.7bn, up 53.7 per cent. In Nigeria total cement demand reached 10.2Mt in January-June 2017, according to Dangote estimates. This represents a 23.2 per cent contraction when compared with 1H16, when demand was estimated at 13.3Mt. Of total market sales in the 1H17, just 0.1Mt was imported. As a result of the fall in domestic cement consumption, Dang...

Dangote Cement's pan-African expansion boosts financial strength

21 July 2017, Published under Cement News

Dangote Cement's strategy of rapid capacity build across Africa with prudent financial management has led the company to recently be recognised for its financial strength. The next wave of development sees Dangote almost doubling capacity, further consolidating its position as sub-Saharan Africa's leading cement supplier. Earlier this month two global rating agencies, Moody's Investors Service and Global Credit Ratings (GCR), rated Dangote Cement positively for its financial strength and co...

Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement

06 July 2017, Published under Cement News

Moody’s has assigned a first-time Ba3 Local Currency Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating and Aaa.ng National Scale Rating (NSR) to Dangote Cement Plc (DCP). The outlook on the ratings is stable. "Dangote Cement Plc’s Ba3 local currency corporate family rating, one-notch above the Government of Nigeria’s own rating, reflects the company’s strong standalone credit profile and track record of demonstrated financial support from a larger and more diversified par...