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Bahrain: The Abu Dhabi Financial Group (ADFG) has signed a sale agreement with GFH Financial Group to buy a 10% stake in the Falcon Cement Company, according to Gulf News.
“With Falcon Cement’s strong market position and potential for future growth following the completion of a second production line later in 2016, the company represents an attractive investment opportunity for ADFG,” said Jassim Al Seddiqi, chief executive officer of ADFG.
Falcon Cement has a cement production capacity of 0.35Mt/yr. Production capacity is expected to increase to 0.85Mt/yr when the second production line launches at the end of 2016.
Cambodia: The Chip Mong Insee Cement (CMIC) company has started building a US$262m cement plant in Kampot province. The plant will have a cement production capacity of 1.5Mt/yr when completed in 2018. CMIC is a joint venture, formed in 2012, between Chip Mong Group and Thailand’s Siam City Cement, according to Cambodia Daily.
“Kampot is an ideal location for cement factories because of access to the necessary limestone raw material and logistics,” said Nhan Ken, general sales and marketing manager at the Chip Mong Group. He added that the new plant will face competition from other local cement producers in Kampot including Kampot Cement, co-owned by the local Khaou Chuly Group and Bangkok-based Siam Cement, and the Chinese-funded Cambodia Cement Chakrey Ting Factory.
Tajikistan: The Huaxin Gayur – Sughdcement 1Mt/yr cement plant in northern Tajikistan has been commissioned. The plant was built by the Tajik Ghayur-Sughd Cement company in partnership with the Chinese Huaxin Gayur Cement company. President Emomali Rahmon was present at the event.
Construction of the plant started in 2014 on the area of 48 hectares and it had an investment of US$127m. The plant employs more than 1300 people with over 90% from Tajikistan. A 25MW hydropower plant was also built to provide the plant with a regular electricity supply.
CRH appoints William Teuber, Jr as non-executive director
Written by Global Cement staff
23 March 2016
Ireland: CRH appointed William J Teuber, Jr as a non-executive Director with effect from 3 March 2016.
Teuber, aged 64 years and a US citizen, is the Vice Chairman at EMC Corporation, a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. In previous roles he was responsible for EMC’s global sales and distribution organisation (2006 – 2012) and served as Chief Financial Officer leading the company’s worldwide finance operation (1996 - 2006). Prior to joining EMC he was a partner in the audit and financial advisory services practice of Coopers & Lybrand.
Teuber is a member of the Board of Directors of Popular, a diversified financial services company, and Inovalon Holdings, a healthcare technology company. He holds an MBA degree from Babson College, a Master of Science in Taxation from Bentley College, and a Bachelors Degree from Holy Cross.
Malawi drops ban on imported cement 22 March 2016
Malawi: Malawi has relaxed its ban on importing cement, to prevent local consumers being exploited. The price of cement in the southern region where cement is produced locally is higher than the central region where cement is imported from Zambia. The Ministry of Trade and Industry has issued licenses to some importers to enhance competition on the market, according to All Africa.
"The ministry will always commit itself to fight smuggling and give strong support to all stakeholders such as Malawi Revenue Authority and the Malawi Police Service in this fight," said Ministry of Industry and Trade spokesperson, Wiskes Mkombezi. The ministry is encouraging importers to pay import duty and has asked the public to help combat smugglers. The country introduced licenses for cement importers in early 2000 to regulate the local market and promote the local industry.