Displaying items by tag: GCW691

India: JK Lakshmi Cement will merge three of its subsidiaries, Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries, into its operations. Under the scheme of amalgamation, Udaipur Cement Works’ shareholders will receive four JK Lakshmi Cement shares for every 100 shares held. The merger will ‘simplify the group structure’, making ‘one combined entity focused in the business of cement and cement products’, according to The Business Standard.

Pakistan: December 2024 saw mixed results for cement despatches, according to data published by the All Pakistan Cement Manufacturers Association. Local despatches declined by 5% year-on-year, falling to 3.37Mt from 3.54Mt in December 2023. Overall, total cement despatches for December 2024 stood at 4.15Mt, up by 2% from 4.06Mt year-on-year. For the first half of the fiscal year, total despatches decreased by 4% to 22.9Mt. Domestic despatches saw a significant drop of 10%, totalling 18.1Mt. Exports, however, witnessed a 32% increase, reaching 4.81Mt during this period. In December 2024, exports reached 0.78Mt, a 49% year-on-year increase from 0.53Mt in December 2023.

Ethiopia: East African Holding (EAH) has entered into a memorandum of understanding with the Ethiopian Construction Works Corporation (ECWC) to boost infrastructure development through the supply of cement products from its Lemi National Cement and Dire Dawa plants. The agreement was signed by Biru Wolde, CEO of EAH, and Yonas Ayalew, CEO of ECWC.

Liberia: The Daily Observer has reported smuggling of essential commodities, including cement, across the Ganta Border into Guinea, potentially leading to shortages. Over 1000 bags of cement are allegedly transported daily from the Ganta market into Guinea, leading to an increase in prices.

India: UltraTech Cement has acquired an 8.69% stake in Star Cement for US$99m, at US$2.74/share. According to The Hindu Businessline, this minority stake acquisition could lead to UltraTech Cement eventually buying out Star Cement entirely, similar to its previous acquisition of India Cements on 20 December 2024.

India: Ramco Cements has commissioned an additional 2MW waste heat recovery turbine at its Alathiyur cement plant, doubling the facility's waste heat power capacity to 4MW. The company's total waste heat power capacity has now increased to 45.15MW, as stated in a regulatory filing. According to its Business Responsibility and Sustainability Report 2024, Ramco Cements aims to meet about 45% of its energy needs from renewable sources by 2030. According to Energetica India, the company has also reduced its reliance on fossil fuels by using wind energy and rooftop solar panels.

Saudi Arabia: Al Jouf Cement's board of directors has approved the use of its 'green' cement for projects in the new NEOM city. The product was developed in collaboration with ready-mix concrete producer Asas Al-Muhailb, with Al Jouf Cement stating that it enhances concrete performance by improving durability and longevity, and reducing water absorption and permeability. It is reportedly resistance to sulphate and chloride salts, has ‘equal or greater’ compressive strength compared to ordinary Portland cement (OPC), and provides benefits in heat insulation and fire resistance.

Türkiye: Türkiye's global cement exports contracted by 6.4% from January to November 2024, totalling US$4bn, according to the Trade Ministry. However, November 2024 saw a modest increase of 0.3% in cement exports, amounting to US$346m. From November 2023 to November 2024, the total value of cement product exports reached US$4.3bn.

Türkiye's cement exports to Iran decreased by 42% year-on-year, totalling nearly US$11.7m during the same 11-month period. Despite this decline, exports in November 2024 rose slightly by 1.5% year-on-year, reaching over US$1.6m.

Zimbabwe: Khayah Cement has initiated corporate rescue proceedings due to the impacts of Western-imposed economic sanctions, which have created an ‘untenable’ business environment, according to The Chronicle. The company adopted a resolution on 20 December 2024 to start the rescue process under the Insolvency Act, to address its financial difficulties. The sanctions have reportedly hindered access to essential resources, affecting the company’s production capabilities. Khayah Cement said that further processes will be communicated to creditors and stakeholders.

Zimbabwe: PPC Zimbabwe says it is speeding up the construction of two solar power plants, with a combined capacity of 30MW, to enhance power supply to its cement plants. The company plans to start work on the solar units from the first quarter of 2025 with completion scheduled for the second half of 2026, according to the Herald Zimbabwe newspaper. Albert Sigei, Managing Director, said that the company was also continuing to work with the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to improve the electricity supply.