Cement News tagged under: corporate

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Sabanci to restructure white cement business

01 October 2020, Published under Cement News

Turkey's Sabanci Holding has announced that it will be restructuring its white cement business unit by merging its financial power and the operational capability of its Çimsa subsidiary, according to a statement. As such, it is planning to incorporate a company in the Netherlands, Cimsa Sabanci Cement BV (CSC BV), in which Sabancı will hold 60 per cent of the total equity shares while the remaining 40 per cent will be held by Çimsa. It will then sell the shares of Çimsa's international wh...

Qalaa Holdings achieves 105% YoY growth in 2Q20

01 October 2020, Published under Cement News

Qalaa Holdings has reported its consolidated financial results for the quarter ended 30 June 2020, with revenues of EGP7.4bn (US$470m), up 105 per cent YoY. " Qalaa’s performance was anchored by a recovering cement market in Sudan and an optimised pricing strategy by Al Takamol, which played a key role in offsetting the impacts of Egypt's underperforming cement market," said Qalaa Holdings' Chairman and Founder, Ahmed Heikal.

CRH's Group Finance Director to retire

01 October 2020, Published under Cement News

Senan Murphy intends to retire from his position as CRH's Group Finance Director during the course of 2021. The board is initiating a process to identify a successor and will make an announcement once the process is completed. Senan will continue in his role until a successor is identified and to ensure a smooth transition. He will remain as an adviser to the company post transition. Group Chief Executive, Albert Manifold said: "As Group Finance Director, Senan's experience and insights...

PhilCement responds to standards compliance claim

01 October 2020, Published under Cement News

The Cement Manufacturers of the Philippines (CeMAP) has reported a potential standards compliance issue against PhilCement Corp to the country’s Department of Trade and Industry (DTI), according to the Manila Bulletin. CeMAP Executive Director, Cirilo Pestaño, raised the "possible non-compliance of PhilCement Corp’s Union V Super Strength 40 Type 1P cement to Philippine National Standards (PNS) and Department Administrative Order (DAO) 17-06, or the new rules covering cement in the countr...

Shree Cement plans new INR10bn plant

30 September 2020, Published under Cement News

India’s Shree Cement has received board approval to set up a new clinker plant in Baloda Bazar, Chhattisgarh. The unit could have a capacity up to 12,000tpd and is expected to represent an investment of around INR10bn (US$135.66m). Shree plans to finance the project through internal accruals and debt. It is expected to reach completion by the end of the 3Q22.

Suez Cement expected to increase stake in Tourah Portland

30 September 2020, Published under Cement News

Egypt’s Suez Cement is expected to submit a tender offer to acquire up to 100 per cent of the issued capital of Tourah Portland Cement for EGP7.18 (US$0.45) per share, according to a disclosure to the Egyptian Exchange (EGX). Suez Cement already owns 66.12 per cent of Tourah. Upon the execution of the offer, the latter is expected to voluntary delist its shares from the EGX. HeidelbergCement is also proposing to launch a tender offer to increase its 55.08 per cent stake in Suez Cement t...

Empire Cement Packaging plans affordable cement for Ghanaians

30 September 2020, Published under Cement News

Empire Cement Packaging Ltd has acquired 18.74 acres of land in Weija, Ghana, to establish the company under the One District One Factory initiative. The company has reiterated that it has a comprehensive plan to operate without affecting or disturbing other companies such as the Panbrose Salt Company. Empire Cement Packaging Ltd aims to deliver affordable cement to Ghanaians. The 1Mta factory will cost approximately US$500m and is being developed in partnership with Obokom Civil Engineerin...

PPC delays FY20 earnings results

30 September 2020, Published under Cement News

PPC of South Africa has delayed the release of its full-year earnings for a third time as it finalises its financing. The new date for the financial disclosure is now set for 5 October 2020. PPC has been making adjustments to the valuations of assets in Ethiopia and the Democratic Republic of Congo, and the company hopes to conclude a deal with South African lenders in October, reports BNN Bloomberg. PPC reported a resurgence of construction activity in South Africa in June and July and do...

CimCo to receive loan for Togo project

29 September 2020, Published under Cement News

Cimenterie de Côte Ouest-Africaine (CimCo) is expected to receive a XOF20bn (US$35.62m) loan from the West African Development Bank (BOAD) for its project in Lomé, Togo. The long-term facility was approved by the bank’s board of directors last Friday. "The targeted goal is to contribute to the satisfaction of cement demand in Togo and the region by taking advantage of the geographic location of the port of Lomé, as well as to contribute to the country’s economic growth by boosting the comp...

India Cements expects improvement

29 September 2020, Published under Cement News

India Cements’ Managing Director, N Srinivasan, has announced that the company expects an improvement in performance going forwards. "With further relaxation of lockdown measures, there are expectations of increased public spending on rural infrastructure, irrigation, road building and other projects. This, along with a pick-up in individual home building and construction, is expected to improve cement demand," said the MD. Improving conditions in its key markets, such as in Andhra Pra...