Items filtered by date: 19 July 2019

India: UltraTech Cement plans to complete its merger with Century Cement by September 2019. Chairman Kumar Mangalam Birla said the company has approval from shareholders, the Competition Commission and stock exchanges, according to the Mint newspaper. However, it still needs permission from the National Company Law Tribunal (NCLT).

The merger, which was first announced in May 2018, is a long running reorganisation of assets belonging to the Birla family. Once complete it is expected to give UltraTech Cement dominance in all regional markets with the addition of 13.4Mt/yr of production capacity in Madhya Pradesh, Chhattisgarh and Maharashtra.

India: ACC’s net sales grew by 8% year-on-year to US$1.15bn in the first half of 2019 from US$1.06bn in the same period in 2018. Its operating earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 18% to US$191m from US$162m. Its cement sales volumes rose by 2% to 14.7Mt from 14.4Mt and its ready-mixed concrete (RMX) sales volumes jumped by 15% to 1.79Mm3 from 1.56Mm3.

“I am pleased that EBITDA improved significantly on account of better realisations, operational efficiencies and supply chain efficiency improvement. Despite subdued cement demand, our strong customer relationships, loyal channel network and range of innovative products have helped us deliver a robust quarter,” said Neeraj Akhoury, the managing director and chief executive officer (CEO) of ACC. He added that the company’s concrete business grew ‘strongly’ due to eight new RMX plants it added in the second quarter. Altogether the company operates 82 operational.

India: Zuari Cement’s integrated cement plant at Sitapuram, Telangana has been issued a show cause notice by the Central Pollution Control Board (CPCB) for exceeding particulate matter emissions. During an inspection it has found to be emitting 40.6mg/Nm³ from the kiln and 78mg/Nm³ from the cement mill, according to the Times of India newspaper. The limit is 30mg/Nm³. CPCB officials also found other violations including an alleged deliberate attempt show reduced levels of sulphur dioxide and nitrogen oxide. The plant has been asked to calibrate its dust monitors properly and submit a compliance report by late July 2019.

Peru: Cementos Pacasmayo’s sales grew by 5.3% year-on-year to US$193m in the first half of 2019 from US$183m in the same period in 2018. Its consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 5% to US$57.1m from US$54.5m. Cement production at its three plants rose by 10.6% to 1.2Mt from 1.08Mt. The cement producer attributed the growth in sales to higher sales in the public sector, El Niño reconstruction spending and a revival of infrastructure projects.

Kenya: Pradeep Paunrana, the former chief executive officer (CEO) of ARM Cement, has challenged the sale of his former company’s assets in Kenya to National Cement. Lawyers acting on behalf of Paunrana, who remains a major shareholder, have filed a petition at the Kenyan High Court, according to the Business Daily newspaper.

ARM Cement was place in administration in mid-2018. Administrator PricewaterhouseCoopers (PwC) later decided to sell the cement producer’s assets in Kenya to National Cement for US$48m. However, a consortium of investors led by Paunrana offered US$63m for the assets but this bid was declined due to a lack of proof of funds and its late submission.

Syria: Parts of the Arab Cement Company’s integrated plant in Aleppo are being renovated. Ayman Nabhan, the Director General of the General Establishment for Cement and Building Materials, said that the unit had suffered ‘heavy’ damage from terrorists, according to the Syrian Arab News Agency. The government says that industrial plants in the region are being repaired and returned to production. It took back control of the city from opposition forces in late 2016.

Greece: Titan Group has successfully completed a share exchange exercise between its subsidiaries. The voluntary share exchange tender offer was submitted by Τitan Cement International to the shareholders of Titan. Following the transaction Titan Group will be listed, through Titan Cement International, on Euronext Brussels, the Athens Exchange and Euronext Paris, on 23 July 2019. The company said the move would strengthen its international growth path and future outlook.

Sri Lanka: The Sri Lankan Navy has rescued nine sailors from the ‘Sri Lanka Glory,’ a barge that transports clinker to the Rugunu cement grinding plant in Galle. The barge was forced off course by gale-force winds off the coast of Rumassala, according to the Daily Mirror newspaper. A previous attempt to retrieve the seamen from the damaged vessel by tug had failed.