Togo: HeidelbergCement plans to invest €25M in its subsidiaries

Mining
Wednesday, 10 April 2019 17:30
Togo: HeidelbergCement plans to invest €25M in its subsidiaries

(Togo First) - HeidelbergCement, world’s second largest cement maker, plans to invest €25 million in its Togolese subsidiaries, Cimtogo, Scantogo and Granutogo.

At a meeting with the press last Friday, Eric Goulignac, local MD for the firm, discussed projects planned by HeidelbergCement to support the national development plan (2018-2022 PND) whose second axis focuses on the extractive sector.

At the beginning of the summer, this investment programme will be submitted to the German company’s board. It includes the installation of a new grinder in Lomé, and a solar PV plant to fuel factories. All projects are to cost €25 million or more than CFA16 billion.

In its financial statements for 2018, HeidelbergCement revealed that Cimtogo, the group’s largest subsidiary, recorded a net benefit of €3.7 million (CFA2.4 billion) in 2017, while Scantogo in which the German holds an 89% stake had a net profit of €7.7 million (CFA5 billion). Granutogo, its third subsidiary recorded a net profit of €0.3 million (CFA196 million) over the period.

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