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Japan: Ube Group’s sales of cement have fallen by 7.2% year-on-year to US$1.05bn in the first half of its 2016 financial year that ended on 30 September 2016 from US$1.13bn in the same period in 2015. Its operating income fell by 24.5% to US$69.8m from US$93.8m. The company blamed this on sluggish demand for cement domestically and low market prices for exports despite buoyant volumes. Overall the group reported that its total new sales fell by 13.1% to US$2.69bn from US$3.09bn.
Star Ferro sets up subsidiary in Myanmar 31 October 2016
Myanmar: Star Ferro and Cement's subsidiary Star Cement has incorporated a subsidiary called 'Star Century Global Cement' in Myanmar. It said the new company has been created to provide ‘engineering, technical, financial, management and skilled and other services relating to prospecting and exploration of mines and minerals’ in the country. It also intends to offer technical consultancy services for exploration, mining, process, engineering and operating data.
Lafarge Jordan to start building 15MW solar power unit in 2017 31 October 2016
Jordan: Lafarge Jordan is set to start building a 15MW solar power unit for its Rashadiya cement plant in early 2017. The power plant, which is being built by Adenium Energy Capital, is expected to be operational by the third quarter of 2017, according to the Jordan Times newspaper. The agreement between Adenium and Lafarge was signed in late October 2016.
“This is an important milestone for the domestic industrial sector in general and the cement industry in particular as this agreement emphasises the positive role that industries can play in using alternative and renewable energy resources,” said Lafarge Jordan’s chief executive officer Amr Reda. This project will also follow the national Jordanian strategy for renewable energy launched by the Ministry of Energy and Mineral Resources in 2015.
Algerian investors to buy ASEC Algeria for US$60m 31 October 2016
Algeria: A group of Algerian investors have agreed a share purchase framework to buy 100% of ASEC Algeria from ASEC Cement and ASEC Cement Djelfa Offshoren for US$60m. ASEC Cement is an Egypt-based producer and supplier of cement and other construction materials. ASEC Cement Djelfa Offshoren is a subsidiary of ASEC Cement, a subsidiary of Qalaa Holdings.
Cementos Portland Valderrivas board approves sale of Giant Cement Holding to Elementia 31 October 2016
US: The board of Cementos Portland Valderrivas (CPV) has approved the sale of a 55% stake in its US subsidiary Giant Cement Holding to Elementia. The deal includes a US$220m capital increase in Giant Cement with subscription rights granted to Elementia, according to SeeNews. Elementia will also extend a loan of around US$305m to Giant Cement. In addition CPV will transfer up to US$66m in loans to Giant Cement to keep its remaining stake in the American cement producer at 45%.