Displaying items by tag: corporate
Raysut Cement reports loss in 2022
18 January 2023Oman: Raysut Cement’s loss after tax rose to US$243m in 2022 from US$33.6m in 2021. Its expenses more than doubled to US$361m from US$168m. Its sales revenue dropped by 12% year-on-year to US$118m from US$134m.
The release of financial data for 2022 follows the intervention by the Capital Market Authority (CMA) in late 2022. In November 2022 the regulator publicly called on the cement producer to urgently address 'material misrepresentations' in its financial results for the second quarter of 2022. It then replaced the company’s board of directors and appointed a temporary one in December 2022 following an audit. This is the second time the CMA’s history that it has taken such action, according to local press.
Austria: Lafarge Austria and Perlmooser Beton will operate under the new name Holcim Austria from May 2023. Both companies have been part of Holcim Group since 2015. The rebranding exercise follows the renaming of LafargeHolcim as Holcim that took place in mid-2021.
Lafarge Austria operates two cement plants, at Mannersdorf and Retznei respectively, with a total production capacity of 1.6Mt/yr. Its headquarters is in Vienna. The company employs around 250 people.
Indonesia: State-owned Semen Indonesia has expanded its stake in subsidiary Solusi Bangun Indonesia to 84%. The group acquired the new Solusi Bangun Indonesia shares from another cement subsidiary, Semen Indonesia Industri Bangunan.
Solusi Bangun Indonesia’s four cement plants in Java and Aceh command 14.8Mt/yr-worth of production capacity and employ 2400 people.
Capital Market Authority replaces board of Raysut Cement
14 December 2022Oman: The Capital Market Authority (CMA) has replaced the board of directors of Raysut Cement and appointed a temporary one following a financial audit. The CMA said the new board would, “deal with the reasons that led the company to conditions that prompted such action.” It will restructure the company to ensure the stability of its financial position. In late November 2022 the CMA questioned the validity of the company’s third quarter results in 2022 when it detected ‘material misrepresentation.’ Additionally, the cement producer’s chief executive officer and chief financial officer resigned in August 2022 and November 2022 respectively.
The new board is headed by Hamdan Ahmed Al Shaqsi. It also includes Majid Sultan Al Tauqi, Dr. Ali Amer Al Ghaithi, Ahmed Saud Al Zakwani and Mubeen Jalil Yasin Khan. The new board members will each hold their posts for three years.
Dangote Cement to commence 10% share buyback
14 December 2022Nigeria: Dangote Cement’s shareholders have authorised a buyback of up to 10% of the company’s issued shares.
Chair Aliko Dangote said “Over the past decade, Dangote Cement has recorded exponential growth across all areas. Group cement volumes are now at almost 30Mt/yr, our production capacity has tripled to 51.6Mt/yr and we export cement from five countries across Africa.”
UltraTech Cement to raise funds through commercial papers sale
07 December 2022India: UltraTech Cement plans to raise funds from the sale of commercial papers over a three-month period from 6 December 2022. Reuters News has reported that the producer has already received buyers' commitments worth US$60.6m. The group will offer a yield of 6.8% on the issue.
Investor acquires US$5.66m-worth of Sinai Cement shares
07 December 2022Egypt: The Egyptian Exchange has published a filing regarding the acquisition of US$5.66m-worth of Sinai Cement shares by an investor on 7 December 2022.
France-based Vicat holds the majority stake in Sinai Cement, while investor Asmaa Amer Gharib acquired a 7.5% stake in the producer in March 2022 for US$4.05m.
Adani Group to extend loans used to buy Ambuja Cement and ACC
02 December 2022India: Adani Group is negotiating with several international banks to extend and refinance loans worth US$3.5bn that it used to buy Ambuja Cement and ACC. The Business Standard newspaper reports that the company hopes to extend the bridging loans it originally secured to a tenure of five years. Adani Group purchased the former subsidiaries of Switzerland-based Holcim for around US$6.5bn in September 2022. It later said it planned to invest a further US$2.5bn into its new cement business to double its production capacity.
Thyssenkrupp Polysius Indonesia inaugurates headquarters
18 November 2022Indonesia: Thyssenkrupp Polysius Indonesia has inaugurated its new offices in Jakarta's Tempo Scan Tower. The supplier said that the new headquarters will bring a stronger business focus to its decades-long presence in Indonesia by providing a broader scope of local service-driven solutions. Thyssenkrupp Polysius Indonesia country manager Ridwan Setiawan will head the new office.
Asia Pacific Regional head of cement Lukas Schoeneck said “With this new office, we are celebrating the return of the name and brand Polysius in one of the most important and energetic markets in the Asia Pacific region. We look forward to reshaping our focus in the cement industry and on building a sustainable future together with our clients, especially in transforming the cement industry with our #grey2green initiative."
Votorantim Cimentos redesigns logo
05 October 2022Brazil: Votorantim Cimentos has launched its new visual identity. Its new logo consists of a lime green and dark blue V, next to its name, with the Votorantim written in capital letters and the Cimentos in lowercase. The producer says that the V honours its legacy, while figuratively representing a movement toward the future. The colour and font combination embodies the company's solidity and flexibility.
Corporate communications and branding head Geraldo Magella said “Votorantim Cimentos is on a journey of evolution and transformation. We redefined our strategy, revised our culture, grew, expanded. This long-term vision opens new paths and new areas of activity through the development of products and services to meet the needs of society. We want to create changes while remembering our history - hence the need to translate all this into a new brand, which communicates everything we do, from ground level to the highest point in a city."