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Dangote and CCNN raise profits 27 August 2019
Nigeria: Dangote Cement’s net first half profits have increased by 5.4% to US$329m from US$312m in 2018. The Cement Company of Northern Nigeria have reported a corresponding increase of 163% to US$40,000 from US$15,000.
Raysut Cement receives US$50.7m 27 August 2019
Oman: Bank Nizwa has granted US$50.7m to Raysut Cement, the country’s largest cement producer, as part of its commitment to national economic diversification.
Athi River cement plant compulsorily acquired from East African Portland Cement Company 27 August 2019
Kenya: The Kenyan government have compulsorily purchased the site of the 0.6Mt/yr Athi River cement plant, which it leased to the East African Portland Cement Company for 945 years in April 1960. The Central Organisation of Trade Unions has complained that the National Social Security Fund, representing workers who held 28% of shares in the plant, was not consulted first. The land will be used for affordable housing, manufacturing and other urban uses.
Anti-trust authorities examine Lafarge’s takeover of Somaco 27 August 2019
Romania: The national competition authority stated yesterday that it will investigate LafargeHolcim’s deal with Oresa for the latter’s takeover of the precast concrete producer Somaco. LafargeHolcim assumed the asset in July 2019 at an undisclosed price.
Bamburi’s profits slump 27 August 2019
Kenya: Bamburi Cement’s first half profits have declined year-on year by 96% to US$0.22 from US$6.99m. Its Building for Growth strategy has seen the topline hold steady amidst setbacks to demand, including higher operating costs and reduced uptake from the Standard Gauge Railway, one of numerous infrastructure projects impacted negatively by rising tensions between Rwanda and Uganda.
