According to a report by Reuters, Kenya's ARM Cement has announced that it is seeking up to US$90 million via a privately placed five-year bond to retire more expensive short-term debt. The company witnessed its market share in Tanzania and Kenya growing to 20% from 15% in five years.
ARM Cement reported a pretax loss in the nine months to 30 September due to foreign exchange losses associated with its borrowings, including for a new clinker plant that is now boosting margins.
CEO of the company Pradeep Paunrana commented that his firm planned to raise US$75 million via a five-year bond, with an option to add US$15 million if the issue was oversubscribed.
WCT2020 provides a unique online forum for cement industry professionals to hear first-hand from experts through a series of exclusive presentations from cement producers and industry experts.
World Cement Editor, David Bizley, sat down with Michael Tay, Advanced Analytics Product Manager at Rockwell Automation to discuss his recent article in World Cement.
Entitled ‘Smooth Sailing’, this article explains how machine learning can help save energy, reduce downtime and predict equipment failures, thus enabling the smooth running of cement plant operations.
The cement industry has recently recognised Roanoke Cement Company (RCC) with top honours for Outreach in the 2020 Portland Cement Association (PCA) Cement Industry Energy and Environment Awards.
Bamburi Cement and ARM have voiced their concern that the Chinese contractor on the Standard Gauge Railway Project is importing cement when it could source entirely from local suppliers.
