…but still committed to supporting government’s initiative for first-time low income home owners
TCL Guyana Inc. (TGI) would like to inform its valued customers and the general public of a marginal adjustment of 9.3 percent in the base price of cement, which will take effect from July 15, 2011, according to a statement from the company.

The company will honour its commitment to government’s housing initiative by continuing the offer of a twenty percent discount for first- time home owners under the government’s low-income earners housing initiative, the statement said.

“In recent years, global economic pressures have resulted in contraction of the construction industry, consequently driving cement demand down. While Guyana, unlike many countries, continues to experience robust growth in the construction sector, cement supply far outstrips current demand, and TCL Guyana Inc., for some time now, has been offering price reductions in order to effectively compete and also in support of the country’s construction drive. In spite of TGI’s increased operational efficiencies and rigid cost management, there have been inflationary realities over the years in relation to the production of cement, which are negatively impacting on the company’s financial performance.

“TGI is, therefore, left with no alternative but to implement a price adjustment in order to safeguard the organization’s long-term viability. This is also in keeping with its duty to ensure that superior quality cement is available locally to sustain the buoyant construction sector.

“TGI wholly understands its responsibility to this sector and to government’s programme for housing and national development, and will continue to demonstrate its support by guaranteeing a reliable supply of world class cement, thereby ensuring that the cost of construction remains within everyone’s reach,” the statement concluded.