UAE: Gulf Cement’s losses in the nine-month period to 30 September 2019 were US$1.06m, compared to a US$0.44m profit in the corresponding period of 2019. This was caused by a fall in nine-month revenue of 8.3% year-on-year to US$92.8m from US$101m.
Binding agreement for UltraTech and HeidelbergCement in Bangladeshi asset sale
Bangladesh: UltraTech Cement Middle East Investments (UCMEI) has announced that it has entered into a binding agreement by which it will sell its entire shareholding in Emirates Cement Bangladesh and Emirates Power Company to HeidelbergCement Bangladesh.
Under the terms of the agreement, UCMEI will divest its entire shareholding at an enterprise value of US$29.5m. The deal is subject to regulatory approvals in compliance with the laws of Bangladesh.
Lafarge North America quarry wins Community Relations Excellence award
US: LafargeHolcim subsidiary Lafarge North America’s Presque Isle quarry, which supplies raw limestone to its 2.6Mt/yr Alpena integrated cement plant – both in Michigan – has won the National Stone, Sand and Gravel Association (NSSGA)’s Gold Award in the Community Relations Excellence category. Business Wire has reported that it previously won Gold for Environmental Excellence in 2018. In recognition of its consecutive Golds, the NSSGA honoured the quarry with its prestigious Two Stars of Excellence award. LafargeHolcim’s operations in the country extend over 350 sites across 43 states. Its aim is to ‘help build better communities with innovative solutions that deliver structural integrity and eco-efficiency.’
PPC Zimbabwe looking to build solar plant
Zimbabwe: PPC Zimbabwe is looking to enter into a partnership with investors to build a solar energy plant of up to 16MW to supply its two plants in Bulawayo and Colleen Bawn. It also intends to have a 28hr battery back-up facility.
The company said that the move to solar would ensure uninterrupted power supplies to its plants, which have been badly affected by the prevailing power shortages in the country. Power utility Zesa Holdings has been forced to ration power in mid 2019 as production at its main hydro-power plant dwindled due to water shortages. Its main thermal power station experiences constant breakdowns due to its old age.
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