Cement News tagged under: PPC

RSS feed

Habesha Cement appoints new chairman, Ethiopia

11 March 2013, Published under Cement News

Habesha Cement of Ethiopia has appointed a new chairman as well as new board members to reflect changes in the company's shareholding. Tamiru Wondimagegn has been appointed as Habesha Cement’s new board chairman replacing Eng Gizaw Teklemariam. Mr Wondimagegn is a lawyer and board member of the cement company. Habesha Cement, which was established in 2010 with 16,000 shareholders, has elected old and new board members for the seats which have recently been reduced from nine to 12, acco...

Habesha Cement seeks project funding, Ethiopia

20 February 2013, Published under Cement News

Ethiopia-based Habesha Cement has approached the Common Market for Eastern & Southern Africa’s (COMESA) PTA Bank in Burundi to source financing for its new cement project in Addis Ababa. According to reports in the Fortune, the new loan application comes after the Development Bank of Ethiopia (DBE) reversed a decision to finance more than half Habesha's cement project costs. The 1.4Mta cement factory was scheduled for completion in 2014 at a cost of around US$130m. Promoters of the company...

PPC to build new Zimbabwe cement plant

08 February 2013, Published under Cement News

PPC´s Zimbabwe subsidiary, Portland Holdings Ltd (PHL) has announced its intention to construct a new cement plant to service the Harare and central Mozambique markets. The new plant will have a capacity of approximately 1Mta and will coincide with the construction of a separate grinding facility in the neighbouring territory of Tete in Mozambique. Ketso Gordhan, the CEO of PPC said in a statement: "In recent years our investment in Zimbabwe has shown strong growth on the back of a more b...

Development Bank of Ethiopia withdraws Habesha Cement loan

31 January 2013, Published under Cement News

The Development Bank of Ethiopia (DBE) has withdrawn an ETB1.52bn (US$82.9m) loan agreement made with Habesha Cement for construction of a new plant. The bank had approved the loan last year which was expected to cover over 70 per cent of the financing  for the proposed factory. However, the DBE has now withdrawn the offer on the grounds of inability to disburse funds at this time. It has similarly pulled out of loan agreements with five other companies. The bank has pledged to aid the co...

PPC targets African expansion strategy

30 January 2013, Published under Cement News

PPC said in a trading update that it is pursuing additional buyout opportunities in Africa, which it expects to announce during the year. In its 4Q12 report ended December, it said last year’s 51% acquisition of cement maker Cimerwa in Rwanda for US$69.4m was a 'significant step' in its African expansion strategy. It also said receipt of its Zimbabwean indigenisation certificate in November was an important step into Africa. Group chairman Bheki Sibiya said the quarter was characterised ...

Foundation stone laid for CIMERWA expansion, Rwanda

18 January 2013, Published under Cement News

The foundation stone for the expansion of CIMERWA cement factory in Rwanda was laid yesterday by the president of the African nation Paul Kagame. The expansion project will lift capacity of Rwanda’s sole cement producer from 100,000tpa to 600,000tpa and has been made possible following PPC’s acquisition of a controlling stake in CIMERWA last December. Speaking to reporters after the ceremony, Mr Kagame said the increased production levels will help bring down the price of cement. He sa...

PPC receives environmental approval for Western Cape modernisation, South Africa

04 October 2012, Published under Cement News

South Africa’s leading cement producer Pretoria Portland Cement has been granted environmental authorisation by the Western Cape Department of Environmental Affairs and Development Planning for phase 2 of its Western Cape modernisation strategy. The upgrade project encompasses the replacement of two ageing cement kilns at the Riebeeck plant with a new five stage preheater kiln.  This marks the successful conclusion of the environmental impact assessment, however in terms of the legislat...

PPC appoints new chief audit executive, South Africa

17 September 2012, Published under Cement News

Pretoria Portland Cement (PPC) appoints Phuti Semenya, a qualified Chartered Accountant as the Chief Audit Executive. This appointment is in line with the PPC strategic imperatives that include assurance on governance, risk management and internal controls. PPC said that Semenya brings with him an extensive experience and knowledge base in internal and external auditing that was acquired over a period of 14 years in auditing firms and leading financial institutions. Most recently, Semenya...