Displaying items by tag: auction

Pakistan: Five companies have signalled interest in bidding for Attock Cement. These include Alpha Cement Company, Bestway Cement and Cherat Cement Company, along with military investment fund Fauji Foundation and utilities provider Kot Addu Power Company. Pakistan Today News has reported that Fauji Foundation and Kot Addu Power Company’s plans consist of a joint acquisition of 84% of Attock Cement, followed by a mandatory public offer for the free float. Alpha Cement Company, meanwhile, may seek to buy as much as 92%, through a follow-on offer.

Attock Cement commands 3Mt/yr of capacity in South Pakistan, reportedly an increasingly attractive region, amid the on-going ‘revival’ of exports from Karachi port.

Alpha Cement Company was incorporated in Karachi in November 2024.

Kenya: Savannah Clinker has offered to acquire Bamburi Cement outright for US$197m, 8% higher than an existing bid for the company of US$183m from Tanzania-based Amsons Industries. Business Daily News has reported that Savannah Clinker requires a minimum stake of 60% in order to finalise the deal. The company said that it could aim to complete the deal before March 2025.

Savannah Clinker owns an upcoming clinker plant and limestone mine in Kitui. Its owner Benson Sande Ndeta formerly held a majority of shares in Savannah Cement, which went into administration in mid-2023.

India: Aditya Birla subsidiary UltraTech Cement and JSW Cement are among companies in contention to acquire Vadraj Cement, the Economic Times newspaper has reported. To this end, companies have reportedly raised US$959m-worth of new finances through loans.

Argentina: Camargo Correa Group’s auctioneer JP Morgan will receive offers from bidders for Loma Negra later in February 2024. The La Nación newspaper has reported that Loma Negra may attract a price of over US$700m. Private investors Marcelo Mindlin and Daniel Sielecki will bid together, against anticipated corporate bidders from Brazil and China. Mindlin and Sielecki are joint owners of utilities provider Transportadora Gas del Sur.

Egypt: Saad El Din Group affiliate Spanish Egyptian Cement Factory says that it has four foreign entities interested in placing bids to acquire it. Arab Finance News has reported that two of the entities in question are based in Gulf countries. Saad El Din Group is reportedly withdrawing from other industries outside of its core petroleum products business.

Spanish Egyptian Cement Factory controls the El Raswa grinding plant in Port Said Public Free Zone.

India: ABG Shipyard plans to sell Vadraj Cement, which owns a decommissioned clinker unit and grinding unit, as well as quarries and a jetty, in Kutch, Gujarat. The National Company Law Tribunal took over winding up proceedings for the former cement producer in September 2023. The Economic Times newspaper has reported JSW Cement, Adani Group and steel producer ArcelorMittal Group as potential buyers for the business. It expects Vadraj Cement to attract a price of US$240 – 300m, against debts of US$841m.

Kenya: East African Portland Cement Company (EAPCC) plans to sell land in Machakos County close to its Athi River plant, KBC News has reported. During the sale, offers submitted by people currently residing on the land will have priority. Demolition of illegal homes on the land is currently underway.

Uruguay: The government has declared void its tender for offers for Cementos del Plata, the cement business of state-owned Administración Nacional de Combustibles, Alcohol y Portland (ANCAP). Montevideo Portal News has reported that no bids for the business were forthcoming before the end of the tender period on 12 September 2023. Cementos del Plata has debts of US$33m and made a loss of US$20m in 2022. It expects its losses to increase by 25% to US$25m in 2023. ANCAP president Alejandro Stipanicic said that the outcome marked the close of the latest stage in the efforts to rescue the business, but that “The search for a solution will not cease."

Stipanicic said “Perhaps in Uruguay we overestimated it. Perhaps in Uruguay we wanted to believe that we had something that was worth a lot, but the value of things is not set by those who own them, it is set by those who want something. That price is clearly less than zero." He added "Today is a sad day for ANCAP, because today the anguish of many good people working in the Portland cement business saw the illusion of having a clear and convincing future frustrated."

Uruguay: The government has tendered for offers to acquire state-owned Administración Nacional de Combustibles, Alcohol y Portland (ANCAP). The Caras y Caretas newspaper has reported that the board of directors approved the tender on 18 May 2023. The tendering process will run until 11 July 2023, and any resulting privatisation will require ratification by parliament.

ANCAP operates two 300,000t/yr integrated cement plants.

The tender can be viewed here.

Qatar: Qatar National Cement Company has invited offers to acquire Plant 1 at it Umm Bab cement plant complex. Reuters reported the launch of the public auction on 13 June 2023.