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Akmenes Cementas strikes deal with creditors 04 October 2017
Lithuania: Akmenes Cementas has managed to strike a deal with its creditors over the extension of a loan it took out in 2007. The cement producer has been in talks with various banks since mid-2016 to postpone the loan settlement deadline by three years, according to the Baltic Business Daily. However, Akmenes Cementas went to court and asked for an obligation for the banks to comply with the loan payment schedule signed in May 2017. Legal action was dropped in late September 2017 when the banks agreed to continue crediting the company under a deal. The loan currently stands at Euro53m.
Ethiopia: Ethiopia earned US$17.3m from exports of 0.2Mt of cement exports in its latest financial year that ended on 7 July 2017. The Chemical and Construction Input Industry Development Institute added that the country’s cement industry is planning to reach a production capacity of 27Mt/yr by the end of the Second Growth and Transformation Plan (GTP-II) in the 2019 – 2020 year, according to the Walta Information and Public Relations Centre.
Leading PPC shareholder warns against merger with AfriSam 03 October 2017
South Africa: Prudential Investment Managers, one of the main shareholders of PPC, says it opposes a proposed merger between the cement producer and AfriSam. It said that the deal undervalues the group, according to the Business Daily newspaper. It added that it expects PPC’s share price to double in the next three to four years as production capacity in sub-Saharan African comes on line. Prudential owns a 14% share in PPC. Canada’s Fairfax Financial Holdings has made an offer of US$154m to buy a stake in PPC on condition that the cement producer agrees to a merger with AfriSam.
Industria Nacional del Cemento aims for 75% market share in 2018 03 October 2017
Paraguay: Jorge Mendez, the president of Industria Nacional del Cemento (INC), says that his company aims to reach a 75% market share by the end of 2018. Production and cement deliveries are expected to rise 77,500 bags/day by the end of 2017 from 55,000 bags/day and sales are forecast to rise by US$50m/yr. The state-owned cement producer plans to reach sales of 13.2 million bags in 2017.
Ambuja Cement wins Harima Peethasar limestone block after delay 03 October 2017
India: Ambuja Cement has won an auction for Nagaur's Harima Peethasar limestone block in Rajasthan following a procedural objection. JSW Group claimed that it was unable to place a counter bid in the online auction due to problems with the computer servers of Metals and Minerals Trading Corporation (MMTC), the state company running the sale, according to the DNA newspaper. After examination the claim was dismissed.