19 October 2020
Kenya: Nairobi Business Ventures has shared plans for the establishment of a 1.0Mt/yr-capacity integrated cement plant following its 84% acquisition by UAE-based Delta International Holdings. Arab Finance News has reported that the former footwear producer is in the process of selecting a location for its upcoming plant and securing a source of clinker imports for the plant’s preliminary grinding-only phase.
Delta International Holdings is the owner of real estate company Delta Holdings Kenya, Shreeji Chemicals Kenya and Shreeji Glass Uganda.
South Valley Cement reduces sales and loss in first half of 2020 19 October 2020
Egypt: South Valley Cement’s first-half sales were US$12.5m in 2020, down by 21% year-on-year from US$15.9m in the first half of 2019. Arab Finance News has reported that the company’s net loss fell by 31% to US$4.45m from US$6.43m. South Valley Cement was last profitable in 2018, when it recorded a full-year net profit of US$0.65m.
Oman Cement increases nine-month profit by 3.7% in 2020 19 October 2020
Oman: Oman Cement recorded a profit of US$7.27m in the first nine months 2020, up by 3.7% year-on-year from US$7.01m. Reuters News has reported that revenues rose by 4.3% to US$10.4m from US$9.95m.
Egyptian Financial Regulatory Authority approves Suez Cement’s Tourah Portland Cement acquisition 19 October 2020
Egypt: The Financial Regulatory Authority (FRA) has approved HeidelbergCement and Simon France subsidiary Suez Cement’s mandatory tender offer (MTO) for acquisition of a 100% stake in Egyptian Tourah Portland Cement for US$32.7m. Daily News Egypt has reported that the FRA also approved a change to Suez Cement’s ownership, with HeidelbergCement France acquiring a 33% stake in the company.
Chryso acquires majority stake in APTEX 19 October 2020
Morocco: France-based Chryso has announced its acquisition of a majority stake in construction chemicals producer APTEX. The local producer operates an application laboratory and plant in Casablanca, Anfa-Settat Region. President and director general Mohamed Benlyamani said, “We are delighted to partner with an international structure offering significant means of development and a strong culture of innovation.”
Chryso chief executive officer (CEO) Thierry Bernard said, “By acquiring a majority stake in APTEX, we sustain our long-term relationship with our Moroccan customers and strengthen our local roots in Morocco. We will thus accelerate the deployment of new technologies and support producers in the development of high-performance, environmentally friendly building materials.”