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CNBM cancels acquisition of Shanshui Cement 11 May 2016
China: CNBM has cancelled its acquisition of Shanshui Cement due to changes in the board composition, disputes regarding the control of Shandong Shanshui Cement Group, the financial difficulties of Shanshui Cement and the prolonged suspension of trading of the shares in Shanshui Cement. It added that the final issue ‘significantly and adversely’ affected the liquidity of the company and impaired attempts to determine the current market price of shares in Shanshui Cement. Shanshui Cement has faced financial troubles since a shareholder battle for control of the company took place in late 2015.
Alhaji Rabiu Abdullahi Umar appointed managing director of AshakaCem
Written by Global Cement staff
11 May 2016
Nigeria: AshakaCem, a subsidiary of Lafarge Africa and member of the LafargeHolcim group, has appointed Alhaji Rabiu Abdullahi Umar as its new managing director. AshakaCem said in a statement that Umar was appointed to succeed Leonard Palka, a Polish national, who has resigned from the company.
AshakaCem in Gombe State is one of the four cement companies controlled by Lafarge Africa in Nigeria. Formerly the companies were known as Lafarge Cement WAPCO Nigeria before the name was changed in 2014.
India: On 9 May 2016 Dalmia Cement withdrew their challenge to a conditional approval given by India’s anti-trust regulator to the proposed merger of Lafarge and Holcim in india. The Competition Appellate Tribunal (CAT) has accepted Dalmia’s decision, paving the way for the sale of Lafarge India’s 11Mt/yr of cement capacity as a part of the merger conditions.
A statement from LafargeHolcim stated, “We are happy Dalmia has withdrawn their appeal to the CAT and look forward to completing the sale of Lafarge India.”
Amortised debt worth nearly $400m says Cemex 10 May 2016
Mexico: On 9 May 2016 Cemex announced that it had amortised debt worth US$397.4m as part of its refinancing strategy to lower costs. Cemex, which had been selling assets to cut debt, announced an offer to buy back up to US$400m in debt in April 2016.
Nigeria: A survey conducted in Delta State between January and April reveals that the prices of some building materials, including cement, had risen 6% due to the rise in transportation costs. A 50kg bag of Elephant brand cement which was sold for US$8.03 in January was later sold for US$8.53/bag.