Displaying items by tag: GCW362

Uzbekistan: Cement production fell by 5% year-on-year to 3.95Mt in the first half of 2018 from 4.2Mt in the same period in 2017, according to the Trend News Agency. The company set price controls for cement earlier in the year to support housing and infrastructure projects.

Malaysia: A US$70m contract with Lafarge Malaysia to supply cement for the East Coast Rail Link project has been suspended by China Communications Construction pending a government review. The deal was originally announced in March 2018. The cement producer said that the suspension is not expected to have any significant financial impact its operations in the period up to the suspension, as completed work shall be compensated for in accordance with the terms and conditions of the contract. However, going forward the company could not rule out any negative financial impact following the government review of the project.Lafarge Malaysia railway supply contract suspended

Kenya: The International Finance Corporation (IFC) is set to take over loans worth US$120m at ARM Cement. UK-government investor CDC Group, which owns a 41% stake in the cement producer, will also loan it US$20m, according to the Business Daily newspaper. The IFC loan is expected by mid-2019 and the CFC loan will arrive by the end of September 2018. The IFC has also proposed a US$50m equity investment in ARM Cement but chief executive Pradeep Paunrana wants to wait until his company’s share price returns to normal to avoid the company being undervalued.

The cement producer reported a loss of US$55m in 2017 due to poor demand in Kenya and Tanzania. It said it was undergoing a ‘significant’ review of its current operations, asset base and financing structure to address its problems.

UAE: India’s Shree Cement has completed its acquisition of Union Cement. Shree Cement has purchased a 97.61% in the company. It is the company’s first acquisition outside of India. Union Cement operates a cement plant Ras Al- Khaimah.

Vietnam: Tran Viet Thang, the former General Director of the Vietnam Cement Industry Corporation (Vicem), has been dismissed as a member of the Executive Committee of the Central Businesses Party Unit and member of the Executive Committee of Vicem's Party unit. He has been found guilty of several legal violations as well as breaking Communist Party of Vietnam rules, according to the Viet Nam News newspaper.

Thang was appointed as the head of government-owned Vicem in mid-2013. He is accused of raising company debts of US$175m by the end of 2016. He left the position in mid-2017. According to the Secretariat of the Communist Party of Vietnam, Thang signed documents and took decisions that he was not authorised to. His actions allegedly violated local corporate and bidding law, as well as rules for Communist Party members. He has been accused of damaging the reputation of Vicem and the Communist Party.

The punishment against Thang is part of an on-going crackdown in the country against corruption.

Italy: HeidelbergCement’s subsidiary Italcementi has rebranded CementirSacci and Cementir Italia as Italsacci and Cemitaly respectively. The move follows the integration of the companies into the group at the start of 2018.

The cement producers operate four integrated plants and two grinding plants. Italsacci runs plants at Tavernola Bergamasca, Greve and Cagnano Amiterno. Cemitaly runs plants at Spoleto, Arquata Scrivia and Taranto.

Italcementi now operates 10 integrated plants, one plant for special projects, 10 cement grinding plants, 113 concrete plants and 13 aggregate quarries in Italy. Its headquarters is based in Bergamo.