Displaying items by tag: GCW487

Dominican Republic: The Dominican Association of Portland Cement Producers (ADOCEM) estimates that local production fell by 8% year-on-year in 2020 due to the coronavirus pandemic. Julissa Báez, the executive director of ADOCEM, said this compared to a 16% drop in the construction industry generally, according to local media. She added that local cement plants were allowed to continue production during a local lockdown that started in March 2020.

Saudi Arabia: The Ministry of Transport has granted Najran Cement a licence to launch its own limited liability transportation company. Reuters News has reported that the company is in the process of obtaining the final licence for the launch.

Oman: The Consumer Protection Authority (CPA) has intervened to suspend operations at a cement producing facility in Al Dhahirah Governorate. The Times of Oman has reported that the suspension results from repeated complaints to the CPA’s consumer protection department about product quality. The operation is also suspended from selling its goods.

Nigeria: BUA Cement and Dangote have signed an agreement with the government to supply cement at a discounted rate for the construction of 300,000 homes under the government’s Mass Housing Programme, according to The Sun newspaper.

Vice President Yemi Osinbajo said that the producers have agreed to provide cement for this project at a ‘considerable’ discount, which he described as ‘very helpful.’ He added, “Also important is the job creation aspect of it. You have young men and women who are builders, architects and civil engineers working on this project. We are hoping that a lot of the other building materials will be made locally.”

Nigeria: BUA Cement has successfully concluded a US$290m Series 1 fixed-rate senior unsecured bond issue. The Punch newspaper has reported that the company utilised US$290m of its US$505m maiden bond issue in line with regulatory guidelines. It was nonetheless oversubscribed by nearly US$350m. The group said that it will apply to dual-list the bond on the relevant exchanges, subject to necessary approvals.

Nigeria: The Standards Organisation of Nigeria (SON) has awarded Mandatory Conformity Assessment Programme product quality certificates to Lafarge Africa. The certificates were presented after the company’s Mfamosing cement plant met confirmatory and standardisation requirements set by the SON, according to the Punch newspaper. The subsidiary of Switzerland-based LafargeHolcim said that the certifications further demonstrated its commitment to ensuring quality assurance and compliance with the relevant product standards within the regulatory framework of the government. The certification process followed a series of inspections and connected analysis.

India: UltraTech Cement has raised around US$137m through unsecured redeemable non-convertible debentures (NCD). It has allotted 10,000 NCDs, each worth US$13,700, by private placement. The NCDs will reach maturity on 29 December 2023.

India: Dalmia Cement (Bharat), plans to spend around US$50m on a 2.3Mt/yr upgrade to its Bengal Cement Works plant in West Midnapore. The project will increase the unit’s production capacity to 4Mt/yr. The company says that it will make the cement plant the biggest in the state of West Bengal. It intends to take advantage of expected growth in cement demand, following the coronavirus-related slowdown, due to affordable housing schemes, real estate and infrastructure projects.

“We have deployed the latest machinery and technology for this addition and will be producing only 100% blended cement so as to ensure reduced carbon footprint as part of our commitment to become carbon negative by 2040,” said Ujjwal Batria, chief operating officer (COO) of Dalmia Cement (Bharat).

India: The board of directors of NCL Industries has approved plans for the establishment of two ready-mix plants at a cost of around US$0.8m. The plants will be located in Hyderabad, Telangana and Visakhapatnam, Andhra Pradesh. Both projects are scheduled for completion in early 2021. The units will be financed by bank loan.

Bangladesh: The Bangladesh Cement Manufacturers Association (BCMA) has called on the state-owned Bangladesh Bank (BB) to extend an ongoing moratorium period on the payment of loan instalments by another six months to mid-2021 in response to the negative economic effects of the coronavirus pandemic. The original loan window was schedule to end on 31 December 2020, according to the Dhaka Tribune newspaper. The association has also called for a fixed lending rate for non-government lenders due to rising costs. Local cement sales fell by 13% year-on-year in the five months from January to May 2020 due to a coronavirus-related lockdown that ended in late May 2020.