Proshare Logo
   Market Date: 23-10-2014   
Agriculture All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Flour Mills veers into Cement manufacturing

Category: Daily & Weekly Market Updates


  Read (2118)
Flour Mills veers into Cement manufacturing

September 13, 2006/vanguard


 

 

Foremost Nigerian Milling firm, Flour Mills Nigeria Plc, (FMN)  have disclosed it has embarked on an expansion drive of its business operations to now include a full scale manufacturing process for Cement.


The Company which hitherto was into mere importation and distribution of Cement says its decision veering into Cement production is in direct response to Federal  Government’s policy initiative which emphasises local manufacturing of the product in the country.


To this end, Flour Mills has joined in a collaborative endeavor  with   two highly reputable foreign partners, Holcim Trading  S.A  of Spain and Orascom Construction  Industries of Egypt with a view to manufacture Cement at Mfamosing, a locality near Calabar in Cross River State.

Already, the company says it is investing about the sum of $450 million (about N68 billion) on the construction of greenfield Cement Plant with annual production  capacity of 2.5 million tons of Cement.

The plant construction work now in its advanced stages is expected to be completed and subsequently commissioned for use by the forth quarter of 2007 or early in  2008 at most.

Disclosing these facts was  Chairman of the Organisation, Mr George Coumantaros while addressing shareholders at the 42nd Annual General Meeting of the  Company held in Lagos.

Coumantaros, while giving further insights into the company’s operation during  the just ended business year pointed out also  that the shareholding of United Cement  Company of Nigeria Limited (Unicem) which was founded on 50-50 joint venture between Flour Mills and Holcim Trading will be restructured and strengthened in  view of the huge capital outlay required for the successful execution of the new Cement Plant.


According to the Company boss, the new shareholding structure will allow Egyptian Cement Company (ECC), an associate company of Orascom Industries of Egypt  to participate in the equity of Unicem.

ECC is the largest cement company in the Middle- East and North Africa region and owns the third largest cement production facility in the world. ECC together with  Holcim brings  a wealth of experience in the cement industry and specific expertise in the construction and management of greenfield cement plant in  emerging  markets, having successfully operated large plants in Egypt and Algeria.


Unicem’s new shareholding according Flour Mills boss will reflect a unique combination of international strength adding  “ We will leverage on the global industrial  experience and technical expertise of our partners to produce Cement of international standard.

He expressed optimism that Cement production capacity in Nigeria will receive a big boost when the project is commissioned adding that the ongoing construction  work has already started to boost the economy of the host State,  Cross River as over 1000 employees have been offered jobs with favourable multiplier effect.
He further  disclosed the company had acquired a new ultramodern gas powered generating machine worth a about  N2.3 billion  to boost   power supply  and   enhance   facility  operation  at its  Apapa base factory complex in Lagos.

The  plant, made up   of seven Jenbarcher    gas powered  generators has a total generating capacity of 21 megawatts of electricity adding that the company’s planed  conversion from the use  diesel to natural gas had started to yield immense benefits.



Tags: , 



Comment With Your Facebook or Yahoo! ID


Latest news


News on Daily & Weekly Market Updates

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Newsletter
Contact Us
Volunteer Program
Message from CEO
Resources

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
WebTV
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

#1minNews
News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Newsletters
Discussion Forum
Policy

Subscriber Agreement
Privacy Policy
Data Policy
Disclaimer
Copyright Policy
Trademarks
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Training
Legal Support Services
Web/Technology Services
File a Complaint