Cemena Holding Company diversifies its business

Cemena Holding Company diversifies its business CEMENA Holding Company, a Bahrain-based building Material company focusing on the Middle East and North Africa (MENA) established in 2008 by Gulf Finance House (GFH) who remains a major shareholder in the company, held its Annual General Meeting recently. Shareholders were also updated on the planned expansion of Falcon Cement Company's (FCC) production capacity, bringing it up to 3,500 tons in the not too distant future. "2011 was a difficult but consistent year for us," said Salah Sharif, CEO of Cemena. The expanded capacities at FCC and the Balexco project's completion will enable us to better meet the rising demand for building materials in Bahrain, while further diversifying our business activities into the building materials segment of the market, will help us strengthen our position as a market leader in the region. "With the support of all of our stakeholders, we look forward to continuing our successful strategy of targeted investments, aimed at expanding building material capacities in the growth markets in particular Libya after the recent reforms building on our previous presence and Cement project that we started in 2009. The expansion of FCC will help the company meet Bahrain's growing demand for Cement, specifically with the increasing number of infrastructure projects in the Kingdom of Bahrain. Sharif. 4m for the year ended 31 December 2011. At the AGM, shareholders were updated on CEMENA's activities and financial performance during 2011 in relation to the adverse market conditions. ". Commenting on the positive strides the company made in 2011, Hisham Alrayes, Chairman of CEMENA said: "With the return of the growing demand for cement and building materials locally and in the region, Cemena successfully closed 2011 in profit. With the expansion plans in place for FCC, the completion of the expansion phase of Balexco and Libya stabilizing for us to progress on our Libya Cement Plant, we are confident that we now have a strong platform for growth and expect to witness another strong cash flow performance this year. In addition, the shareholders were updated on the progress made on the expansion phase of Bahrain Aluminum Extrusion Company ("Balexco") in which Cemena has a controling stake. Cemena was established by Gulf Finance House (GFH or the Bank), the Bahrain-based Islamic Investment bank, in partnership with a number of leading GCC financial institutions and high net worth individuals, with the objective of becoming one of the leading building material holding companies in the MENA region. Cemena Holding Company diversifies its business Trade News selected by Local Linkup on 10/06/2012