Twiga Cement

Location

The factory of Tanzania Portland Cement Public Limited Company is located on Wazo Hill, along the Dar es Salaam–Bagamoyo Road, approximately 18 km, by road, northwest of downtown Dar es Salaam, Tanzania's commercial and financial capital. The geographical coordinates of the Twiga Cement factory are: 06°39'47.0"S, 39°10'03.0"E (Latitude:-6.663064; Longitude:39.167502).

Overview

Twiga Cement is a large cement manufacturer that manufactures three brands of portland cement: Twiga Ordinary, Twiga Plus+ and Twiga Extra. In 2014, the factory expanded and increased its manufacturing capacity to 1900000 tonne annually.

According to the company's annual report, in December 2018, the company's total assets were TSh 322.76 billion (US $141 million), with shareholders' equity of TSh 224.94 billion (US $98 million). That year, the company employed 285 people.

History

The company was founded in 1959 as Tanzania Portland Cement Company, producing its first bag of cement in mid-1966. It was a joint venture between Cementia AG of Switzerland, with 80 percent shareholding and the government of Tanzania, through the Tanzania Development Corporation, owning 20 percent. In 1967, the government increased its ownership to 50 percent. In 1973, the company was nationalized, with the government of Tanzania now owning 100 percent of the company.{{cite web|url=https://www.twigacement.com/en/history | title=History of Tanzania Portland Cement Company Limited | date=22 May 2020 |author=Tanzania Portland Cement Company | access-date=22 May 2020 |location=Dar es Salaam}}

In 1992, the government sold 13 percent ownership to Scancem International ANS of Norway and another 13 percent to Swedfund International AB of Sweden. The government retained 74 percent ownership. In 1998, the company was re-privatized. At that time, the shareholding in the company was as illustrated in the table below.

Ownership

In 2006, the government of Tanzania divested from the company by floating its shareholding on the Dar es Salaam Stock Exchange, where the company stock trades under the symbol TWIGA.

As of December 2018, the shareholding in the company stock was as depicted in the table below.

Governance

Hakan Gurdal serves as the chairman of the board of directors. Alfonso Velez serves as the managing director.

References

References

1. Twiga Cement. (8 April 2019). "Annual Report for the Year Ended 31 December 2018". Twiga Cement Limited.
2. Phoebe Calver. (2020). "Profile of Tanzania Portland Cement Company Limited (Twiga Cement)". Africa Outlook Magazine.
3. Wilfred Edwin. (17 September 2007). "Twiga Cement stops dividends, opts for $100m expansion". [[The East African]].
4. "Road Distance Between Downtown Dar es Salaam And Wazo Hill".
5. "Location of the Factory of Tanzania Portland Cement Public Limited Company".
6. Cement News. (27 July 2006). "Government sells off Portland Cement, Tanzania". Cement.com.