Cement News tagged under: Unicem

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Lafarge Africa to cut debt by US$270m

01 December 2017, Published under Cement News

Lafarge Africa will use some of the funds raised by a NGN131.6bn (US$415m) rights issue to cut debt by US$270m, as reported by Reuters. The company inherited US$507m in shareholder loans and US$88m of third-party foreign currency debt when it acquired UNICEM in 2015. This debt would expose Lafarge Africa to a foreign currency loss due to the sharp fall in value of the naira. However, the rights issue is expected to help reduce the debt by almost half. Lafarge Africa announced a pretax ...

Lafarge Africa receive shareholders endorsement for merger

15 November 2017, Published under Cement News

Lafarge Africa have received the shareholders endorsement for a merger with Unicem and Atlas Cement Company Ltd, according to Nigerian newspaper The Guardian. "The merger is part of the asset consolidation we began in June 2014. It will solidify our market position in Nigeria particularly our presence in the South-South and South-East regions," said Michel Pucherchos, CEO of Lafarge Africa. Unicem has a cement production capacity of 5Mta at its Mfamosing plant, whilst Atlas has a capaci...

Lafarge board approves merger with Unicem, Atlas Cement

07 August 2017, Published under Cement News

The 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.

Lafarge Africa to seek shareholders approval

17 May 2017, Published under Cement News

Lafarge Africa is to seek shareholders’ approval for a NGN140bn (US$443m) rights issue during its 58th Annual General Meeting to be held on 7 June 2017, the company has informed the Nigerian Stock Exchange. Also on the AGM agenda is a proposal to shareholders to approve the merger of subsidiary Unicem into Lafarge Africa. The proposals, according to the company, will strengthen its balance sheet and capital structure by reducing foreign currency exposure and optimising the Lafarge Afric...

Nigeria: UNICEM Mfamosing's second line commissioned

30 November 2016, Published under Cement News

United Cement Co of Nigeria (UNICEM) commissioned its new line at Mfamosing, Cross River State, in September 2016. Loesche has since announced its scope of supply for the project, including the LM70.4+4CS, its largest VRM built for grinding clinker. With a pre-existing 2.5Mta capacity, UNICEM contracted Loesche to extend the plant with a further two vertical roller mills. A type LM60.4 mill was installed for the grinding of raw material at a rate of 500tph and the LM70.4+4CS which is desi...

Nigeria: Lafarge Africa refinances with five-year bonds

23 September 2016, Published under Cement News

Lafarge Africa (LafargeHolcim Group) has raised NGN60bn (US$184m) by issuing three and five-year bonds through book building. The cement producer issued a three-year bond at 14.25 per cent to raise NGN26.38bn and sold a five-year bond at 14.75 per cent to raise NGN33.62bn, it said in a statement. Previously, in April, Lafarge Africa reported that it would refinance some dollar-denominated debt at subsidiary United Company of Nigeria (UNICEM), which it bought a year ago. The refinancing wou...

Lafarge Africa in 2Q16

26 July 2016, Published under Cement News

Lafarge Africa Plc has released its financial results for 2Q16, reporting a total revenue of NGN107bn (US$344.9m). Cost of sales stood at NGN92.2bn (US$297.3m), down from NGN98bn (US$315.9m) in the same period last year and administrative/distribution and other expenses dropped to NGN12.2bn (US$39.3m) from NGN4bn (US$45.1m). The company’s revenue of NGN30.8bn (US$99.3m) fell by NGN28.5bn (US$91.9m) due to foreign exchange loss after the naira’s devaluation. The company also suffered diminish...

Lafarge Nigeria unit takes control of UNICEM

06 October 2015, Published under Cement News

An affiliate of Lafarge Africa has completed a 100 per cent acquisition of Nigeria's third-largest cement manufacturer, United Cement Company of Nigeria (UNICEM). Lafarge said its affiliate Nigerian Cement Holdings (NCH), owned a 70 per cent equity in UNICEM before agreeing a deal last November to buy the remaining 30 per cent stake from Flour Mills, Reuters reported. Unicem, which is based at Mfamosing, close to Calabar, southeastern Nigeria. Unicem is building a 2.5Mta line which will br...

UNICEM orders Loesche mill for new Calabar line, Nigeria

05 December 2014, Published under Cement News

United Cement Company of Nigeria (UNICEM) has ordered the largest Loesche mill to-date, an LM 70.4+4 for its new line at the Calabar cement works. The Loesche LM 70.4+4 will be used at Unicem’s new Calabar line in Nigeria with an output of 370tph at 4700 Blaine. The delivery period is 14 months. The 4+4 concept follows Loesche mill types with 2+2 and 3+3 rollers. The 4+4 grinding concept is intended to allow high throughput capacity or it can run in 2+2 roller operation, generating a m...

Unicem cuts 32.5 grade prices, Nigeria

11 September 2014, Published under Cement News

United Cement Company of Nigeria (Unicem) has decided to reduce the price of its 32.5 cement grade by NGN125, Bukola Adebisi, technical service engineer of the company, announced. The move comes again the backdrop of recent price reductions in the country, according to the company. “Incentives are on ground currently for the dealers and with the current atmosphere of cement prices, UNICEM management has adequately responded by reducing the price of its 32.5 cement grade by N125/bag," Adebis...