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Tande to remain at EAPCC's helm for the next three years 22 April 2014
Kenya: Industrialisation and Enterprise Development cabinet secretary Adan Mohamed has confirmed the extension of Kephar Tande's term for a further three years as the managing director of East African Portland Cement Company (EAPCC). The appointment is effective from 16 November 2013.
His confirmation has been pending since 2013 after the company's board requested that the government renew his term, which ended in October 2013, after being in the position since November 2011.
"I wish to thank the cabinet secretary and president, Uhuru Kenyatta, for the re-appointment. I am committed to fully implementing the strategy that the company has embarked on to raise its market share and to ensure that EAPCC is a leading cement manufacturer, for the welfare of our staff and the benefit of all of our stakeholders," Tande said.
India: Jaiprakash Associates plans to sell US$1.66bn worth of assets by 2015 to cut its debt, after divesting assets totalling US$2.46bn in the six months that ended on 31 March 2014.
Jaiprakash Associates plans to sell a thermal power plant, a cement plant, some of its real estate assets and a part of its stake in the Yamuna Expressway. It plans to exit its cement joint venture with Steel Authority of India Ltd in Bhilai, Chhattisgarh and is in talks with Aditya Birla Group's Ultratech Cement Ltd. Jaiprakash Associates holds a 74% stake in the 2.2Mt/yr capacity cement plant.
A Jaiprakash Associates executive said that the current financial year will see more asset sales, which will ease pressure from banks to repay borrowings. Since September 2013, Jaiprakash Associates has sold assets valued at US$2.46bn, meeting its debt-reduction target for the fiscal year that ended on 31 March 31 2014.
Papadopoulos announces retirement from Titan America
Written by Global Cement staff
16 April 2014
US: Titan Group has announced that after 20 years at the helm of Titan America, Aris Papadopoulos will retire from the position of CEO, effective 1 August 2014. According to a release, he will become Executive Chairman of ST Equipment & Technologies (STET), reporting to the Group CEO and also serve as an advisor.
The company noted that, commencing with a 1994 joint venture with Roanoke Cement, Papadopoulos led Titan America through a growth trajectory that included the acquisition of Tarmac America and Separation Technologies, modernising the company's two cement plants, numerous operational expansions and multiple concrete acquisitions.
"During Aris' tenure, Titan America grew from a cement joint-venture in Roanoke, Virginia, to the pre-eminent East Coast construction materials producer," said Dimitri Papalexopoulos, CEO of Titan Group. "Aris, more than anyone else, has shaped Titan America over two decades."
Bill Zarkalis, Group CFO since 2010, will succeed Papadopoulos. Zarkalis joined the Group in 2008 as Director of Business Development. He previously held executive positions at Dow Chemical. As CEO-designate, he will work closely with Papadopoulos to ensure a smooth transition. Michael Colakides will become Group CFO, effective 16 May 2014. Colakides recently returned to the Group as Senior Strategy Advisor after more than a decade in several banking industry executive roles.
Hilal Cement appoints new board member
Written by Global Cement staff
16 April 2014
Kuwait: Hilal Cement Company has appointed Muhammad Muhtashem Khan as a board member, effective 10 April 2014. He replaces Yan Mahdi Baqi.
Qatar cement demand to double by 2017 16 April 2014
Qatar: Rising government infrastructure spending is predicted to double demand for cement in Qatar by 2017. Dubai-based financial services firm Arqaam Capital has reported that the Qatari government is expected to release up to US$50bn for construction projects in 2014, a rise of 15% compared to 2013.
The move follows the state's plan to invest US$208bn on infrastructure developments in 2013 - 2018, largely linked to the 2022 World Cup. Arqaam has projected that, given that current projects are worth US$70bn and have an average churn rate of 3- 4 years, the expenditure implies that cement demand will double within the next three years. Cement demand is expected to grow to hit 9.4Mt/yr in 2017.
"We expect production capacity and demand levels to reach equilibrium by 2018. Our forecasts are on the conservative side as Qatar's Ministry of development and planning's most recently published survey suggests demand for limestone is set to increase by 131% in 2014 and 127% in 2015," said a report by Arqaam.