Cement News tagged under: Egypt

RSS feed

South Valley seeks alternative energy sources

13 May 2014, Published under Cement News

Egypt-based producer South Valley Cement is seeking alternative energy sources as securing sufficient fuel to operate production facilities has become one of its key challenges.   Speaking at a press conference earlier this week, the company said it has prepared studies for the use of coal and agricultural wastes. However, company officials said the application of alternative energy sources suggested by the government will take at least 12 months. South Valley Cement said it would requ...

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 production disrupted by gas shortages

02 May 2014, Published under Cement News

Securing sufficient fuel to operate production facilities has become one of the key challenges for Egyptian cement manufacturers with output rates dropping and input costs rising, leading to cement prices rising. Latest industry reports state that production has come to a halt at 10 cement plants following EGAS's decision to temporarily cut off the gas supply. The plants reportedly account for approximately 70 per cent of Egypt’s cement output. An official from the Federation of Egyptia...

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...

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.

Egypt: Suez Cement increases dividend payout

02 April 2014, Published under Cement News

Suez Cement, part of the Italcementi group, will pay a cash dividend of EGP2.65/share (US$0.38), it said in a statement published yesterday. The company said it would make the payment in two phases. EGP1/share will be distributed in April, and the remainder of EGP1.65/share  in September. Last year, Suez Cement paid a cash dividend of EGP1.65/share, according to Thomson Reuters data.

Misr Beni Suef revenues boosted by higher prices

19 March 2014, Published under Cement News

Misr Beni Suef Cement (MBSC) saw a 20 per cent rise in revenues in 2013 to EGP1.32bn (US$189.6m) as higher cement prices compensated for lower volumes.   Total sales volumes dropped seven per cent YoY, implying a utilisation rate of 89 per cent compared to 96 per cent in 2012. Domestic shipments accounted for 75 per cent sent of the company’s sales while the remainder was exported.   Meanwhile, its average cement prices for the year stood at EGP494/t (US$71) up 28 per cent YoY. Gross prof...

Energy shortage behind Egypt cement price spike

11 March 2014, Published under Cement News

Energy shortages are behind the recent spike in Egyptian cement prices as reduced gas supplies lowers output, a statement by Egypt’s cabinet has said. Daily News Egypt reported that interim Prime Minister Ibrahim Mehleb, who heads the cabinet, met with Minister of Foreign Trade, Industry and Investment Mounir Fakhry Abdel Nour, Minister of Energy and Electricity Mohamed Shaker, Minister of Petroleum Sherif Ismail and Minister of Environmental Affairs Leila Iskander on Sunday. Medhat Stepha...