The TCL Group says it is offering a special discount on cement for first-time home builders who qualify for funding under the government’s new policy of an increased tax free limit for revenue generated on housing loans, a news release stated.
President Bharrat Jagdeo recently announced that in addition to the increase in the tax free lending, a $2 billion Revolving Fund will be established to assist retirees, single parents and other vulnerable groups with the construction of their homes.
The TCL Group, through TCL Guyana Inc (TGI) will provide persons who qualify with an attractive discount on all cement purchases for their home construction.
This special offer will be extended initially to persons, in both groups, who qualify in the first quarter of 2010, the release said.
Moreover, the group also pledges its support for other construction initiatives announced by President Jagdeo last week, by ensuring that adequate supplies of cement are available. These include the $6B for infrastructural works and the development of 20,000 new house lots.
According to the release, these initiatives present yet another opportunity for TGI to demonstrate its ability to meet the demand for cement in Guyana.
“TCL’s commitment to the Guyana market was demonstrated in the building of a ten million US dollar bagging plant in Georgetown that is operated by its subsidiary TCL Guyana Inc (TGI),” the release said.
The plant, which commenced operations at the end of 2006, is designed to meet the current and future cement demand here.
It is also an indication of TCL’s desire to build on the traditional and proven relationships necessary for the long-term economic development of Guyana.
After almost three years of operating the bagging plant (TGI), the TCL Group is even now more confident of its ability to fully satisfy Guyana’s cement market, the release added.
The TGI bagging terminal in Georgetown could currently supply 20,000 MT of cement per month to a market that is not expected to consume more than 12,000 MT per month at this time.
In 2008, Guyana consumed 134,000 MT (on average 11, 166 MT/month) of cement, falling 15% to a projected 115,000 MT (9583 MT/month) in 2009.
The group anticipates, however, that with the announced initiatives, the demand will return and even surpass the levels of 2008.
The TCL Group, with its cement manufacturing facilities in Trinidad, Jamaica and Barbados, can supply 100% of the cement demand in the CARICOM Market.
Trinidad Cement and Arawak Cement have an annual production capacity of 1.2 million and 360,000 tonnes of cement respectively, while the recently-concluded expansion and modernization of Carib Cement’s facilities in Jamaica now enable that plant to produce approximately 1,476,000 tonnes per annum.
Consequently, the group has a combined cement production capacity in excess of 3 million tonnes annually across its three plants. This is against an estimated current demand of 2.2 million tonnes for the CARICOM market.
As a further demonstration of its commitment to the Guyana market, the release noted, TGI has been conducting seminars and other public education activities (Cement Tents) to educate and provide information in the proper use of cement products.
The cement seminars and Cement Tents were attended by new home builders, masons, block makers, contractors, and government agencies. These seminars were facilitated by experienced cement technologists who are available at short notice to provide support and guidance to the local construction industry when needed, the release concluded.
