Cement News tagged under: Kuwait

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Sharjah Cement receives approval to delist

17 February 2021, Published under Cement News

UAE-based Sharjah Cement has received the approval of the Capital Market Authority (CMA) to voluntarily delist from Boursa Kuwait. On 30 April 2020, the ordinary general meeting (OGM) of Sharjah Cement had agreed on a voluntary withdrawal from the stock exchange through the required measures.

Building on diversification

15 February 2021, Published under Cement News

Kuwait has seen its economy heavily impacted by the crisis in oil prices, a lack of diversity and the COVID-19 pandemic. A lack of investment in infrastructure has further seen demand fall for the cement sector, which relies on several importers as well as domestic cement producers. Building ACICO’s new grinding unit, Ball Mill 4, which is scheduled for commissioning in the 1Q21 Kuwait’s economy remains largely dependent on the oil sector, which accounted for more than 90 per ce...

Suez Cement sells 51% stake in Hilal Cement

25 January 2021, Published under Cement News

Suez Cement (HeidelbergCement group) has offered its 51 per cent stake in Hilal Cement Co of Kuwait for sale through the Kuwait Bourse on 24 January 2021. The Board of Directors of Suez Cement gave advanced notice of its intention to sell the company’s stake in Hilal Cement on 5 March 2020. Suez Cement’s Board of Directors approved the decision on 9 December 2020 when it delisted from the Egyptian stock exchange. The total amount fo shares for sale amount to 25,736,191.

ACICO Cement awards Cemengal second cement grinding unit contract

26 November 2020, Published under Cement News

Cemengal has been awarded the contract for the supply a second cement grinding unit by ACICO Cement, Kuwait. The contract includes a 5200 Kws ball mill, fully engineered by Cemengal, and peripheral equipment and a Magotteaux XP4i-130 fourth-generation classifier for high-strength cement. The scope of the project includes full engineering and complete supply of mechanical, process, electrical and automation equipment as well as the steel manufacturing from the raw materials handling areas...

Iran exports 5.84Mt of cement in five months

22 September 2020, Published under Cement News

Iran has exported more than 5.84Mt of cement worth US$127.99m during the first five months of the current Iranian calendar year (20 March-21 August 2020), according to data from the Islamic Republic of Iran Customs Administration (IRICA). Iraq, Kuwait and Afghanistan were the top importers of cement from Iran during the period. As recently announced, the production of major construction industry materials is more than double the country's demand. "In this area [the construction industr...

Gulf Cement receives approval to withdraw from Boursa Kuwait

14 September 2020, Published under Cement News

UAE-based Gulf Cement Co, once dually listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), has obtained approval from Kuwait’s Capital Markets Authority to withdraw from the former. The last day for the trading of the company's shares on Boursa Kuwait will be on Monday, 14 December 2020, according to the company's disclosure to the ADX.

Gulf Cement to delist from Boursa Kuwait

07 April 2020, Published under Cement News

At its ordinary general meeting, Gulf Cement Co has approved the board’s proposal to delist from Boursa Kuwait. In addition, the company will not to distribute dividends for 2019 due to the current circumstances, changes in international economics, and continuous competition in local and foreign markets, according to Mubasher. The company also reported that Kuwait’s cement sector has incurred major damages due to continuous oversupply and weakening demand, alongside the increasing pric...

Suez Cement looks to sell stake in Hilal Cement

11 March 2020, Published under Cement News

Egypt’s Suez Cement has decided to place its 51 per cent stake in Kuwait-based Hilal Cement up for sale, according to a statement to the country’s stock exchange. Elsewhere, the company’s board has also approved a proposal to obtain a three-year US$125m loan from HeidelbergCement, its parent company. The funds are expected to be used to offset local overdue payments.

Kuwait Portland Cement records 26% decline in profit

24 February 2020, Published under Cement News

Kuwait Portland Cement has announced a 26.4 per cent YoY decrease in 2019 profit to KWD7.59m (US$24.88m), compared with KWD10.32m a year earlier. Operating revenue also declined 19.5 per cent to KWD85.23m from KWD105.94m in 2018. In the 4Q19, the company saw net profit dip 43.6 per cent YoY to KWD1.41m from KWD2.5m in the year-ago period.

GCC: a return of fortunes?

17 February 2020, Published under Cement News

The performance of the GCC cement sector improved significantly in 2019 when compared with the previous year as higher domestic consumption combined with increased export demand. For 2020, the outlook remains equally promising, supported by expansionary budgets and the normalisation of relations between GCC countries. Most of the GCC countries, including Oman, announced expansionary budgets, fuelling expectations of increased construction activity going forward GCC cement sec...