Global Cement News

South Africa: PPC has commenced a buyback of US$10.8m-worth of its registered shares, the Cape Times newspaper has reported.

Chief executive officer Roland Van Wijnen said "We have been very conscious of our capital allocation to ensure our debt levels come to acceptable levels and we have finally achieved that." He added "We believe our share price is well below the true value and therefore we believe it is better for our shareholders to initiate a share purchase rather than a distribution through cash."

India/US: The US Attorney's Office has requested that large Adani Group shareholders submit correspondence from the group. Reuters has reported that the office is investigating representations made by India-based Adani to its US investors, following fraud allegations by US-based short-seller Hindenburg Research.

An Adani Group spokesperson said "We are not aware of any such subpoena to investors."

Saudi Arabia: Southern Province Cement has secured a loan worth US$373m from Saudi National Bank. The loan will cover its construction of a 5000t/day production line at its upcoming Jizan cement plant, as well as the construction of infrastructure for a second new line of the same capacity at the plant. The producer appointed China-based Sinoma International Engineering to build the plant in May 2023.

Reuters has reported that the loan has a duration of 10 years and a two-year grace period.

India: Sinoma subsidiary LNV Technology has won an engineering, procurement and construction (EPC) contract in India. Reuters News has reported that the contract is in the area of 'cement production.' Its value is US$53.8m.

LNV Technology is headquartered in Chennai, Tamil Nadu. It previously supplied grinding systems and other equipment for JK Lakshmi Group, Jaiprakash Associates (now part of Dalmia Bharat) and Holcim India (now part of Adani Group).

India: Shree Cement has rejected findings by the government's Income Tax Department of tax fraud worth US$2.8bn. NDTV News has reported that the producer's alleged financial mismanagement resulted in losses of up to US$170m/yr for national and state governments. The mismanagement reportedly included the use of forged documents. Authorities conducted a second set of searches at company sites in Rajasthan during the week ending on 25 June 2023, following preliminary searches on 21 June 2023.

Shree Cement said "The company's management team is available and extending full cooperation to the officials. The information as required by the officials is being made available."