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Displaying items by tag: Sale
Cemex sells assets in the Baltics and Nordic countries
21 February 2019Europe: Cemex has signed a deal to sell its assets in the Baltic and Nordic countries to Germany’s Schwenk for Euro340m. The transaction is expected to complete within the first quarter of 2019, subject to regulatory approval.
The Baltic assets being divested consist of one 1.7Mt/yr integrated cement plant in Broceni, Latvia, as well as four aggregates quarries, two cement quarries, six ready-mix concrete plants, one marine terminal and one land distribution terminal in that country. The assets divested also include Cemex’s approximate 38% indirect interest in a 1.8Mt/yr cement plant in Akmene in Lithuania. In addition, the exports business to Estonia is also included as part of the divestment.
The Nordic assets being divested consist of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden.
UAE: Arkan Building Materials has sold the closed Emirates Cement plant for US$13.6m, according to Mubasher. The unit was originally closed in late 2016 on a temporary basis due to rising gas and electricity costs. It later decided to permanently close the plant. The company continues to run its Al Ain Cement plant.
Sale of Carthage Cement delayed
18 January 2019Tunisia: Al Karama Holding says that that sale of a 50.5% share in Carthage Cement has been delayed following the latest round of bidding. The latest round of bids was extended to 7 December 2018 from 6 July 2018, according to local media. However, none of the pre-selected bidders were able to submit a qualifying financial offer. Some of the investors have contacted Al Karama Holding to confirm their interest in the purchase subject to certain conditions.
BBMG to sell seven cement companies to Jidong Cement for US$227m
10 January 2019China: BBMG has agreed to sell its stake in seven cement companies to Jidong Cement for US$227m. It has also arranged with Jidong Cement to contribute nearly US$150m into BBMG Jidong Cement (Tangshan), a joint venture owned by the two companies. Both companies will also inject capital into each other’s subsidiaries. BBMG owns a 7% stake in Jidong Cement. Both agreements have been set up to resolve the issues of competing business between BBMG and Jidong Cement.
The seven companies that BBMG is selling to Jidong Cement are Zhuoquan BBMG Cement, Lingchuan BBMG Cement, Baoding Taihang Heyi Cement, Handan Shexian BBMG Cement, Qinyang BBMG Cement, Lanxian BBMG Cement and Xuanhua BBMG Cement. BBMG owns a 100% or majority stake in each of these companies.
EAPCC receives government backing to sell land to meet debts
21 November 2018Kenya: The East Africa Portland Cement Company (EAPCC) has received backing from the Ministry of Trade to sell unused land to pay off debts and commitments of nearly US$150m. The ministry said that a cabinet memorandum is ready to grant the company approval to sell off its assets, according to the Business Daily newspaper. The cement producer says it needs the funds to pay employee benefits, pay suppliers, pay off debts to companies including the Kenya Commercial Bank and the Japanese International Cooperation Agency and refurbish its plant. The cement producer says it wants to spend US$19.5m towards refurbishing its plant in a one-to-two month shutdown. At present the unit is operating at a 50% capacity utilisation rate.
Carthage Cement makes loss of US$16m in first half of 2018
16 November 2018Tunisia: Carthage Cement’s loss has grown to US$16.2m in the first half of 2018 compared to US$9.6m in the same period in 2017. The cement producer has managed to increase its revenue but mounting operating costs have outpaced this, according to African Manager. Its turnover grew by 25.6% year-on-year to US$32.9m but operating expenses rose by 38.5% to US$47.6m. A dispute between management and staff also led to a production suspension in the first half of 2018.
A majority stake in the cement producer remains on sale following a call for expressions of interest in early 2018. The latest round of bidding is open until early December 2018.
Kima to sell National Cement land to pay off debts
08 November 2018Egypt: The Egyptian Chemical Industries Company (Kima) plans to sell the land belonging to National Cement within the next year. Chief executive officer (CEO) Emad el-Din Mostafa said that the bankrupt cement producer owns over 300 hectares of land, according to Arab Finance. Selling the assets is part of the Ministry of Public Business Sector’s strategy to pay the former cement producer’s debts including worker salaries. The sale is expected to generate up to US$39m.
Cementos Bío Bío sells Cementos Portland
11 October 2018Peru: Chile’s Cementos Bío Bío’s has sold its 50% share in Cementos Portland (Cempor) for US$14m. The cement producer originally purchased a stake in the company in 2010, according to the La Tercera newspaper. The Chilean company had previously intended to build a cement plant in Lima in a joint venture with Brazil’s Votorantim but this was delayed by legal opposition from Unacem.
ARM Cement looking for buyer of Kigali Cement plant
24 September 2018Rwanda: Kenya’s ARM Cement is set to auction off its Kigali Cement plant in Nyarugenge District for a second time, following a first attempt. The company forced a legal postponement to the first auction when offers for the unit failed to reach a level it deemed acceptable, according to the New Times newspaper. The only bid it received was for US$113,000 a figure significantly short of the estimate US$1.4m market value of the plant. Kigali Cement operates a 0.1Mt/yr plant.
Kigali Cement plant is being sold in order to pay its creditor, Rwanda Enterprise Investment Company (REIC) in a long running dispute between the companies. ARM Cement owns Kigali Cement but REIC has held shares in it since 2008. ARM Cement acquired a stake in Kigali Cement in 2010 and later took over the management of the company in 2014. Meanwhile, ARM Cement entered administration at home in Kenya in late August 2018.
Helwan Cement to sell white cement plant to Emmar Industries
12 September 2018Egypt: Helwan Cement has agreed to sell its white cement plant in Minya Governorate to Emmar Industries. The transaction is planned to take place following the de-merger of the white cement unit from the rest of the company. The subsidiary of HeidelbergCement and Suez Cement said that the sale was part of its plan to restructure the business and improve its financial position. The company previously said it had received bid for the white cement plant in June 2018.