Cement News tagged under: Egypt

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Egypt: Premiere aims to attract new investment for cement sector

03 February 2017, Published under Cement News

Ahmed Abdelmoghny, managing director of Premiere, said his company sought to raise EGP3.5bn (US$186.9m) for an Egyptian cement company to establish a 1.5Mta cement works on the Ain Sokhna Desert road. He stressed that promoting the Egyptian plant in the Gulf is still ongoing to find financing mechanisms, noting that Premiere held several promotional meetings with several investment funds in the United Arab Emirates and Kuwait, to attract money for the cement industry. The Industrial Deve...

Egypt: Arabian Cement to reduce US$ loans

30 January 2017, Published under Cement News

The Arabian Cement Company plans to accelerate the repayment of US dollar loans owed to banks during the current year to decrease the total value of these debts to EGP40m (US2.1m), compared to EGP65m (US$3.46m) in 2016. An official at the Arabian Cement Company told Daily News Egypt that the company made the decision to avoid the high cost of dollar debts after the Egyptian pound’s floatation in November, which increased the dollar price from EGP8.88 to more than EGP19. The source added...

Egypt: Misr Beni Suef Cement postpones coal mill

26 January 2017, Published under Cement News

Misr Beni Suef Cement Company has postponed the installation of a coal mill at its Beni Suef plant to the 3Q17. The coal mill is expected to cost EGP18m (US$0.96m). Managing Director, Farouk Mostafa, said the company had intended to install the mill in December 2016 but was forced to postpone due to the shortage in US dollars needed to import the mill and its spare parts, as well as the fall-out from the decision to float the Egyptian pound, which caused prices to hike. He explained that ...

Egypt: South Valley denounces new capacity project

17 January 2017, Published under Cement News

Three private companies are reported to have gained licences for new plants in Egypt after the latest round of bidding, according to local newspapers in Egypt. The new capacity was reportedly for Elsewedy Cement, Elmasreein Cement and South Valley Cement. However, South Valley Cement has categorically denied the announcement in a statement to the EGX, stating that the claim is totally untrue.   Furthermore, the government has made available several further 2Mta cement plant licences...

Egypt: floating pound sends cement prices skywards

11 January 2017, Published under Cement News

Building materials prices have increased sharply in Egypt since the country floated the pound, according to industry sources. They said the price rise could threaten projects, force contractors out of the market and increase property prices by 30 per cent. The Central Bank of Egypt floated the pound last November to stabilise exchange rates as part of a wider structural and financial reforms programme. The currency has since fallen by more than 50 per cent against the US dollar to EGP18-2...

Egypt: Aumund to supply conveying equipment for six clinker lines

11 January 2017, Published under Cement News

The Egyptian government has signed a contract with Chengdu Design & Research Institute of Building Materials Industry, part of Sinoma International Engineering, to build six clinker production lines with a capacity of 6000tpd each in Beni Suef, Egypt. Aumund Fördertechnik GmbH, in close cooperation with its Chinese subsidiary Aumund Beijing, has won the order to supply the clinker conveying equipment for the project. The identical lines will each be equipped with four BWG belt bucket e...

Egypt: IDA to allow cement producers to pay licenses in installments

05 December 2016, Published under Cement News

The Industrial Development Authority (IDA) is allowing the three winners of last week's cement production license auction to pay license fees in annual instalments, Al Mal reports. A source at the IDA said that the companies will receive their letters of guarantee in full once they begin production and would until then be paid back in tranches of EGP50m as they complete each phase of construction. Cement Egypt’s CEO Ahmed Abou Hashima (who is also CEO of Egyptian Steel) told Al Mal that ...

Egypt: South Valley Cement discusses new Beni Suef line

05 December 2016, Published under Cement News

Ahmed El-Mekati, board member of South Valley Cement Company (SVCC), has said the company is looking into the investment cost of a new 1.5Mta production line, as the cost of importing the production line’s components has increased with the EGP’s flotation. SVCC is due to hold a meeting this month to discuss the launch of the new line and study available financing options. It is compare the value of borrowing from banks and increasing its capital in the stock market. The new line would ...

Egyptian government announces award of three new plant licences

01 December 2016, Published under Cement News

The Egyptian Industrial Development Authority has today announced that three firms have been successful in their bids to build new cement plants, local media reports. The licences, which will permit the construction of new integrated works with between 1.5 and 2.0Mta capacity, were awarded to El Sewedy Cement, South Valley Cement and a third firm, identified in the article as Egyptian Cement. El Sewedy, which currently has around 2.3Mta of cement capacity, will be permitted to build a ...

Sinai Cement swings into EGP7.7m 3Q profit

30 November 2016, Published under Cement News

Egypt’s Sinai Cement reported a profit of EGP7.65m in 3Q16 vs a 3Q15 loss of 24.47m. In the first nine months of 2016, the company turned a profit of EGP23.02m (US$426,111), a significantly better result than the previous year when the company reported a loss of EGP53.16m, taking into account minority rights.