Cement News tagged under: Nigeria
Dangote Cement01 November 2017, Published under Cement NewsDangote Cement has seen its group revenue increase by 36.5 per cent to NGN603.8bn (US$1.68bn) in the first nine months of 2017. In its unaudited results, the company also announced a 64.9 per cent improvement in group EBITDA to NGN294.3bn, with Nigerian EBITDA advancing by 64.8 per cent to NGN270.5bn while its pan-African EBITDA grew by 43.5 per cent to NGN32.3bn. Group sales volumes during the period slipped by 10.1 per cent, mainly due to the Nigerian market, which saw volumes contract ... |
BUA Chairman says the cement industry is vital for Nigeria's foreign exchange01 November 2017, Published under Cement NewsAlhaji Abdulsamad Rabiu, chairman of BUA Group, has said that the local cement manufacturers produce over 25Mt cement thus saving the country US$2m annually in foreign exchange. "The most important thing I think is that the cement industry in Nigeria will continue to save Nigeria a lot of foreign exchange. If for example, you look at what we have produced in Nigeria today, maybe 25Mt to 30Mt, if we quantify that in terms of foreign exchange it is almost two billion dollars per year," Raibu... |
Ashaka Cement approves Lafarge Africa's acquisition deal31 October 2017, Published under Cement NewsShareholders of Ashaka Cement Plc have approved the complete acquisition of the company by Lafarge Africa, in a deal with a cash consideration of NGN604.092m (US$16.8m) and total value of NGN5.97bn. The shareholders of Ashaka Cement agreed to allow Lafarge increase its stake in the company from 86.51 per cent to 99.99 per cent. However, the deal is subject to approval by the regulatory authorities, said Ashaka Cement. Meanwhile, Ashaka Cement Plc's energy strategy has helped it gr... |
Dangote Group implores Nigeria's federal government to back concrete roads02 October 2017, Published under Cement NewsDevakumar Edwin, executive director, strategy, portfolio development and Projects, Dangote Industries Limited, has appealed to Nigeria's federal government to embrace concrete road and use cement for the construction of its roads in Nigeria for durability purpose. Aside from being very cheap, he said concrete roads are more durable and that its maintenance cost is near zero. According to him: "We are pushing for Nigeria to do a concrete road. It is cheaper to do a concrete road that will la... |
Dangote sets eyes on PPC Group11 September 2017, Published under Cement NewsAliko 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... |
BUA’s sees completion of new 3Mta Edo line01 September 2017, Published under Cement NewsNigeria’s Vice President, Yemi Osinbajo, inaugurated the 3Mta second production line at BUA’s Obu cement plant in Okpella, Edo state. “This project is a big boost to the Nigerian economy and it will provide employment opportunity for the both skilled and unskilled youths of this state and the country at large,’’ he said and added that the plant’s capacity will help consolidate the country’s self-sufficiency in cement as well as providing a significant boost to national export capacity. ... |
Lafarge Africa and COREN develop Nigeria's first concrete manual11 August 2017, Published under Cement NewsLafarge Africa Plc is set to partner Council for the Regulation of Engineering in Nigeria (COREN) in the research and development of Nigeria’s first concrete mix design manual. The concrete mix design manual provides step-by-step guidance on the selection and proportioning of concrete ingredients such as cement, sand and aggregates, and then the mixing and placing of concrete. The manual came after exhaustive research and testing with concrete materials in different parts of the country.... |
Lafarge board approves merger with Unicem, Atlas Cement07 August 2017, Published under Cement NewsThe board of directors of Lafarge Africa has approved the commencement of a merger with United Cement Company (Unicem) and Atlas Cement Co, according to a statement by the company published on the website of the Nigerian Stock Exchange (NSE). The company will now seek the approval of the Securities and Exchange Commission and all other relevant regulatory bodies to further the implementation of the merger. |
Dangote Cement sells 2.3% stake to foreign investors02 August 2017, Published under Cement NewsNigeria'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. |
Moody's assigns first-time Ba3 and Aaa.ng ratings to Dangote Cement06 July 2017, Published under Cement NewsMoody’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... |