Displaying items by tag: Stake

Oman: Raysut Cement has said that it will commission its upcoming 1Mt/yr Duqm plant, the country’s first clinker grinding plant, in late 2021. The cost of the project is US$30m. The company’s global capacity target is 10Mt/yr by 2022 and 22Mt/yr ‘in the near future.’ It operates the 3Mt/yr Salalah cement plant in Oman and holds minority stakes in three East African grinding plants.

Support services and business development chief Yousef Ahmed Alawi Alibrahim said “This has been a challenging year for manufacturing industries in general, but RCC has been able to negotiate the hurdles with effective planning focusing on health and safety.”

Australia: US-based Carbon Direct has bought a 7% stake in Calix. Reuters News has reported the value of the stake as US$17.7m. Reuters News has reported that Calix plans to use the proceeds to scale up its carbon capture and storage (CCS) technology, as demonstrated at the LEILAC and LEILAC 2 installations at Lixhe, Belgium, and Hanover, Germany.

Calix chief executive officer Phil Hodgson said "As the world puts emissions trading schemes in place, CCS does start to look like a multibillion dollar addressable market.”

India: The Competition Commission of India (CCI) approved the acquisition of a 12.55% stake in JSW Cement Ltd by Singapore-based AP Asia Opportunistic Holdings Pte Ltd under the green channel route on 19 August 2021. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.

The CCI stated that there were no overlaps between the parties to the proposed transaction and therefore it does not raise any risk of an appreciable adverse effect on competition in India, according to a notice filed with the regulator.

India: Synergy Metals Investments Holding has received the Competition Commission of India’s approval via the accelerated ‘green channel notice’ to acquire a minority stake in JSW Cement. The Press Trust of India has reported that the accelerated procedure aims to improve merger regulation through transparent review with a minimal waiting period.

India: The Kerala state government aims to establish 25% state ownership of the cement industry locally. The New Indian Express newspaper has reported that the policy aims to control rising cement prices. The government said that state-owned Malabar Cements and Travancore Cements will increase their cement production. The former has already lowered its cement prices, according to the administration.

Russia: Chrysotile producer Uralasbestcement has acquired a 54% stake in Belgorodasbestcement via its subsidiary Asbotsemizdelie. Belgorodasbestcement produces chrysotile or white asbestos cement products for domestic sale and export, according to the AK&M Information Agency.

Lithuania: The Lithuanian Competition Council has permitted Germany-based Schwenk Zement to increase its stake in Akmenes Cement to 97% from 47%. The markets authority also granted permission for Schwenk Zement’s 75% acquisition of limestone and clay producer Kalcitas and 100% acquisitions of building materials suppliers Cemeka and Lanku Bokstai.

India: Anjani Portland Cement has entered into a share purchase agreement to acquire a majority stake in Bhavya Cements. Bhavya Cements recorded a net turnover of US$41.9m in its 2020 financial year. It operates a 1.4Mt/yr integrated plant at Tangeda in Andhra Pradesh.

Kenya: The Competition Authority of Kenya has granted China-based Zou Fengqi and Oman-based Raysut Cement exemption from regulatory approval on a recent application in line with competition guidelines. The Business Daily newspaper has reported that the application stated that Zou Fengqi plans to acquire a 60% stake in Raysut Cement’s business in East Africa.

Raysut Cement operates grinding plants in Mogadishu, Somalia and Somaliland.

Indonesia: SCG Packaging, part of Thailand-based Siam City Group, has entered into a share purchase agreement to acquire a 75% stake in Intan Group, a corrugated container producer. The purchase is intended to strengthen SCG Packaging’s downstream paper-based packaging business in the country. It awaits approval from the relevant authorities and the transaction is expected to close in mid-2021.