September 2024
ARM Cement sale faces opposition from former boss 19 July 2019
Kenya: Pradeep Paunrana, the former chief executive officer (CEO) of ARM Cement, has challenged the sale of his former company’s assets in Kenya to National Cement. Lawyers acting on behalf of Paunrana, who remains a major shareholder, have filed a petition at the Kenyan High Court, according to the Business Daily newspaper.
ARM Cement was place in administration in mid-2018. Administrator PricewaterhouseCoopers (PwC) later decided to sell the cement producer’s assets in Kenya to National Cement for US$48m. However, a consortium of investors led by Paunrana offered US$63m for the assets but this bid was declined due to a lack of proof of funds and its late submission.
Arab Cement Company’s Aleppo plant being renovated 19 July 2019
Syria: Parts of the Arab Cement Company’s integrated plant in Aleppo are being renovated. Ayman Nabhan, the Director General of the General Establishment for Cement and Building Materials, said that the unit had suffered ‘heavy’ damage from terrorists, according to the Syrian Arab News Agency. The government says that industrial plants in the region are being repaired and returned to production. It took back control of the city from opposition forces in late 2016.
Titan Group completes share exchange tender offer 19 July 2019
Greece: Titan Group has successfully completed a share exchange exercise between its subsidiaries. The voluntary share exchange tender offer was submitted by Τitan Cement International to the shareholders of Titan. Following the transaction Titan Group will be listed, through Titan Cement International, on Euronext Brussels, the Athens Exchange and Euronext Paris, on 23 July 2019. The company said the move would strengthen its international growth path and future outlook.
Sri Lankan Navy rescues sailors from clinker barge 19 July 2019
Sri Lanka: The Sri Lankan Navy has rescued nine sailors from the ‘Sri Lanka Glory,’ a barge that transports clinker to the Rugunu cement grinding plant in Galle. The barge was forced off course by gale-force winds off the coast of Rumassala, according to the Daily Mirror newspaper. A previous attempt to retrieve the seamen from the damaged vessel by tug had failed.
Chinese government considering rating scheme to manage production stops for heavy industry 18 July 2019
China: The government is considering introducing a rating scheme for companies in 15 key industries, including steel, coal and cement. Those with the highest emissions will be subject to the strictest production limits, according to the Economic Information Daily newspaper. Those with an A-rating, the highest, will be required to suspend production only in extreme weather, while the C-rated companies will be subject to additional bans during the winter heating season, when pollution is the most severe. The scheme is intended to incentivise companies to upgrade their equipment.
McInnis Cement closes US$380m refinancing deal 18 July 2019
Canada: McInnis Cement has closed a US$380m refinancing deal. US$230m will be provided by an increase McInnis Cement’s senior loan from a syndicate of 11 Canadian and international banks and the remaining US$150m comes in the form of a loan by the Caisse de dépôt et placement du Québec (CDPQ) and Beaudier. This refinancing also makes it possible to repay a bridge loan granted by BlackRock in 2016.
The cement producer also provided details on various projects it is undertaking. Two new cement silos will be built at the company’s integrated cement plant at Port-Daniel–Gascons. Nearly 200 workers will be mobilized on the site during the peak construction period of the two silos, during the autumn of 2019.
Its Bronx Terminal in New York, US has doubled its loading capacity for customers. A second truck-loading lane is now fully operational. A new 40,000t warehouse is currently under construction at its Providence Terminal in Rhode Island, US bringing the total storage capacity to 75,000t. A new truck-loading lane will also be added and commissioned in time for the 2020 spring construction season. McInnis Cement has also confirmed the charter of the NACC New Yorker, a 24,000t self-unloading vessel, in conjunction with Nova Marina Carriers. It will join other vessels in its fleet including the NACC Quebec (14,000t), the Cielo di Gaspesie (35,000t) and the Resolute unloading barge.
US: Companies comprising the informal Port of Alaska Users Group at Anchorage have requested that the local government delay plans for a US$220m petroleum and cement import terminal. The group, that includes fuel companies, are concerned that the project will incur tariffs that could damage their businesses, according to the Alaska Journal of Commerce newspaper. Costs for the proposed marine terminal have become uncertain due to damage caused to the site by an earthquake in late 2018. The group is made up of eight companies including Alaska Basic Industries, a cement distributor.
Cuban government publishes price lists of products including cement to counter inflation 18 July 2019
Cuba: The Ministry of Finance and Prices has published a list of prices for a range of products, including cement, that are sold in state-run stores and agricultural markets. The ministry says that the initiative is intended to evaluate the local market at the municipal level in response to concerns about inflation following a government-mandated salary increases, according to 14ymedio. Shops that violate the regulated price lists may face sanctions.
India: Chettinad Cement’s Karikkali plant in Tamil Nadu has been issued a show cause notice by the Central Pollution Control Board (CPCB) for exceeding particulate matter emissions by more than three times the limit. An inspection following Online Continuous Emission Monitoring Systems (OCEMS) data found emissions of 91.2mg/Nm3, according to the New Indian Express. The limit is 30mg/Nm3. The CPCB also found discrepancies with the OCEMS data due to poor instrument calibration.
Rwanda: The Rwandan government has extended the sale of its stake in Cimerwa to 19 July 2019 to give potential investors more time. The initial deadline was 5 July 2019, according to the New Times newspaper. The government and its related shareholders own a 49% stake in the cement producer. The controlling share in the company is owned by South Africa’s PPC.