Cement News tagged: Corporate
Qatar National Cement sees 32% drop in net profit in 3Q17
Qatar National Cement Co disclosed its interim financial statement for the period ended 30 September 2017. The company's 3Q net profit is QAR242.805m, down 31.7 per cent compared to QAR355.482m for the same period of the previous year. Earnings per share (EPS) amounted to QAR3.72 for the 3Q17 (QAR5.44 fin 3Q16).
CILAS sees Biskra plant inauguration
The new cement plant at Biskra by CILAS was inaugurated on 17 October 2017 in the presence of the Minister of Industry and Jean-Jacques Gauthier, CEO of LafargeHolcim Algérie, among others. CILAS is a joint venture between the Algerian Souakri Group and LafargeHolcim with a 51-49 per cent share split. The new Biskra plant has a production capacity of 2.7Mta and will enable Algeria to be...
RHI AG and RHI Magnesita merger set for 26 October
The merger of RHI AG with its wholly-owned subsidiary RHI Magnesita NV should become effective on 26 October 2017. Upon such effectiveness, RHI AG will cease to exist as legal entity. The Dutch Authority for the Financial Markets (AFM) has approved the prospectus for admission to listing of RHI Magnesita shares on the Premium Listing segment of the Official List of the UK Financial Conduc...
PIC increases shareholding in PPC
Cement producer PPC reported on Monday, 16 October, that the Public Investment Corporation (PIC) had increased its shareholding in the South African cement company, which is currently mulling bids from several parties that are vying for its shares. AfriSam, supported by Canada's Fairfax Africa Investments, made an offer in September to buy R2bn of PPC ordinary shares at ZAR5.75 a share (US$0...
Yamama Cement sees 3Q profit fall
Yamama Cement reported a 30.5 per cent YoY fall in sales to SAR164m (US$43.7m) in 3Q17 from SAR236m in 3Q16. The company’s net profit decreased 48.1 per cent from SAR56.3m to SAR29.2m over the same period.
JSW Cement Ltd plots 20Mta capacity by 2019 with IPO
JSW Cement Ltd signalled its intention to expand capacity to 20Mta from its current 12.5Mta and launch an initial public offering (IPO) sometime after the 2019 general election, the company's Managing Director, Parth Jindal, said on Monday. Mr Jindal said that the capital raised through the IPO will be used to further expand capacity as the company aims to be one of the top three cement manu...
Venezuela: Llas Lanadas commissions Line 2
On Friday, 13 October the second line of the Las LLanadas plant in Trujillo, Venezuela, was commissioned, increasing the cement works’ capacity by 0.5Mta to 1.35Mta. Line No 2 includes a 64m-long kiln and General Lynch Dávila, president of the Corporación Socialista de Cementos, which owns the cement plant, said that the company’s technology “is a model throughout the South American region....
Jalan Cement faces forensic audit
Securities and Exchange Board of India (SEBI) has ordered for a forensic audit of Jalan Cement Works, after finding prima facie evidence of misrepresentation of financials by them. The watchdog has ordered the appointment of independent forensic auditors to verify any misuse of the books of accounts or funds as well as any misrepresentation including of financials and business of the firm. S...
PPC is a new target for CRH
CRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s ...
Thomas Gruppe to buy Gebr Seibel Zementwerke
Thomas Gruppe (revenues estimated at EUR300m) confirmed on Thursday 12 October 2017 that it was taking over Portland-Zementwerke Gebr Seibel GmbH & Co KG, in Germany, a family-run business headed by Heinrich and his son Hubertus Seibel. Gebr Seibel Zementwerk has encountered problems due to discount requirements of its main client, Cementbouw (CRH group), ie roughly 120,000t out of 600,000t...
Umm Al-Qura Cement secures US$13.3m bank loan
Umm Al-Qura Cement Company of Saudi Arabia has signed a key Islamic financing agreement with Riyad Bank to secure a SAR50m (US$13.3m) loan. The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul. The company has a factory near Taif city with a clinker production capacity of 1.98Mta.
Loma Negra sets out the terms of its IPO
Argentina's Loma Negra the announced terms for its IPO on Thursday. The company is planning a global offering and intends to list ADSs on the NYSE and ordinary shares on the Bolsas y Mercados Argentinos (BYMA) under the symbol LOMA. The Buenos Aires-based company plans to raise US$751m by offering 44.2m ADSs (100 per cent insider) at a range of US$15-19 plus an additional US$102m by offerin...
HeidelbergCement to invest in Bangladesh grinding mill
HeidelbergCement is set to invest BDT925.3m (US$112m) of its own funds in a new grinding mill at its 1.075Mta Kanchpur plant in Bangladesh. The new mill will add 472,000tpa to the company's total existing cement capacity of 2.5Mta, located in production facilities in Chittagong and Kanchpur. The mill is the latest investment of the Germany-based cement producer in Bangladesh. To date the c...
Arabian Cement postpones Rabigh grinding operation
Arabian Cement Co expects the commercial operation of the grinding unit at its Rabigh plant, Saudi Arabia, to start in the 3Q18, instead of the earlier-announced 4Q17. Construction on the project is still ongoing and according to a statement to the Saudi Stock Exchange, the delay is attributed to the contractor who does not commit to the scheduled deadline. The financial impact of the new f...
Khamarnaugaon plant idea opposed by villagers
Aditya Birla's proposed UltraTech cement plant at Khamarnuagaon under Cuttack district’s Athagarh block has witnessed protests by locals despite obtaining required 90 acres from the government to start plant there. Villagers of Gurudijhatia and Khamarnuagaon alleged that they would lose almost all grazing fields for cattle if a cement plant was built in the area.
PPC merger opposition grows
Visio Capital Management, which holds seven per cent of PPC shares, is the latest investment manager to object to a partial conditional offer for AfriSam-Fairfax merger. Visio Capital’s position sees at least 25 per cent of shareholders opposing the merger. Earlier this week, Value Capital Partners, which owns around five per cent of PPC stock, had rejected the offer made by Canada’s Fairfa...