Displaying items by tag: Gulf
Holcim receives bids for Ambuja Cements
03 May 2022India: Adani Group and JSW Group have submitted their non-binding bids to Holcim for acquisition of its subsidiary Ambuja Cements. The Business Standard newspaper has reported that Aditya Birla subsidiary UltraTech is also preparing a bid. A deal with UltraTech Cement would delay closure due to the Competition Commission of India approval process it entails. Holcim previously indicated that it would like to conclude the deal early.
Adani Group would finance any acquisition with a combination of its own cash and that from Gulf-based sovereign funds, while JSW Group would engage private equity.
UAE cement producers defend exports to Oman
08 January 2014UAE: Cement producers in United Arab Emirates (UAE) have defended their right to export to Oman amidst calls for curbs on imports. Raysut Cement, Oman's largest cement producer, has asked the Government of Oman to implement a ceiling on UAE imports, according to local media. However, UAE producers deny that they are flooding the Oman market.
"There's a shortage and we are covering that shortage," said Suliman Ali Abdullah Al Shehi, a sales manager at Gulf Cement. Raysut Cement has said that the market only needs 1Mt/yr of cement but that UAE producers are exporting 2.5Mt/yr. However UAE producer Fujairah Cement has estimated demand at nearly 3Mt/yr.
Raysut Cement has requested the government in Oman to cap UAE cement imports and to limit the load on each lorry crossing the border from the UAE. The UAE produces over 24Mt/yr according to the Ministry of Economy. Nearly 60% of the total cement production is exported to neighbouring countries in the region.
UAE cement company results
24 August 2012UAE: A series of results has been released by cement producers in the United Arab Emirates. Sharjah Cement has announced a US$3.5m net profit for the first half of 2012, an improvement from a US$0.6m loss in the first six months of 2011. Its revenue was up by 14.5% to US$87.5m from US$76.4m.
Meanwhile, Union Cement posted a profit of US$5.6m, which, like Sharjah, was an improvement from a loss. It lost US$4.1m in the first half of 2011. Union's sales revenue was down marginally year-on-year to US$88.3m, a drop of 0.2%.
Gulf Cement also made an improvement year-on-year, increasing its revenue by 14.9% from US$35.4m to US$40.7m. However, the company went from a profit of US$3.64m to a US$0.78m loss.