Cement News tagged: Corporate
Shiva Cement scales down cement production in India
India-based Shiva Cement Ltd has informed the Bombay Stock Exchange on 6 April that in the wake of the COVID-19 outbreak across the world, including India, the company has been taking various precautionary measures to ensure the safety and health of the employees and their families, at its offices and manufacturing location in Orissa, eastern coast of India. However, the company has scaled do...
Cemex resumes operations in Mexico
Cemex is resuming its building material operations in Mexico in line with the technical guidelines published in the official Mexican gazette to support the development of the economy during the COVID-19 pandemic. Cemex will comply with all measures indicated by the Ministry of Health to operate in a safe and responsible environment. The health and safety of employees, contractors, suppliers, ...
Gulf Cement to delist from Boursa Kuwait
At its ordinary general meeting, Gulf Cement Co has approved the board’s proposal to delist from Boursa Kuwait. In addition, the company will not to distribute dividends for 2019 due to the current circumstances, changes in international economics, and continuous competition in local and foreign markets, according to Mubasher. The company also reported that Kuwait’s cement sector has inc...
Siam Cement to buy Vietnamese packaging company
Siam Cement is to acquire a Vietnamese packaging materials maker, Bien Hoa Packaging. The group will purchase Bien Hoa Packaging through a joint venture with top Japanese cardboard maker Rengo. Siam Cement said the size of the deal has yet to be determined, but estimated it would be less than 15 per cent of the Thai group's total assets as of the end of December, which came to THB634.7bn (US...
Pakistan announces the much-anticipated construction package
Pakistan's Prime Minister, Imran Khan, last week announced the much-awaited Construction Package, which is mainly comprised of tax incentives for the construction industry. The sector has now been given the status of an industry. Economists and research houses called the package a boost for the construction and cement industries with little reservation and pointed out that while it looks ve...
Indian Saurashtra Cement resumes cement production in Gujarat
As the impact of COVID-19 appears to be subsiding in India, the domestic cement industry is planning to resume cement production with the state government's permission under all possible precaution measures. Saurashtra Cement has informed Bombay Stock Exchange Ltd on 5 April that the company has received permission from the state government of Gujarat in accordance with the guidelines of the c...
Holcim Philippines closes Davao cement plant
The Philippines' leading cement-maker Holcim Philippines has suspended the operation of its manufacturing plant in Davao as the city was locked down until 19 April to contain the COVID-19 pandemic. The suspension of operations in Davao is in compliance with Mayor Sara Duterte's order to impose an enhanced community quarantine (ECQ) within Davao City starting 4 April. "While our Lugait plant ...
Dangote Cement looks to raise NGN100bn from bonds
Nigeria’s Dangote Cement is seeking to raise up to NGN100bn (US$257.23m) from the bond market, under its NGN300bn debt issuance programme. The funds from the company’s first offering in the bond market would be used to refinance existing short-term debt used for cement expansion projects, working capital and other corporate purposes, according to This Day.
DG Khan Cement resumes production at Khofli site
Pakistan will decide on 14 April, whether to allow the gradual opening of non-essential industries under full preventive measures to prevent the spread of the coronavirus. Provincial governments are also contemplating opening of part of their industry. However, the country's cement industry has already received the government's go-ahead to start production. The cement industry had been hit ...
Teploozersky Cement completes kiln maintenance project
Russia’s Teploozersky Cement (Vostok Cement), based in the Far Eastern district, has completed the scheduled maintenance of its No 3 rotary kiln. Work on the kiln was focussed on correcting the position of the furnace units and repair. In addition, worn sections of the lining were corrected and operations have now resumed. The plant is currently completing the repair of Kiln 1.
HeidelbergCement issues Eurobond with a volume of EUR650m
HeidelbergCement priced a Eurobond issue (ISIN XS2154336338) under its EUR10bn EMTN programme with an issuance volume of EUR650m and a maturity date of 9 October 2024. The proceeds of the transaction will be used for general corporate purposes and the refinancing of upcoming maturities. The 4.5-year bond bears a fixed coupon of 2.500 per cent annually. The issue price is at 99.605 per cent, r...
Adelaide Brighton pulls 2020 profit guidance
Australia’s Adelaide Brighton has pulled its 2020 profit guidance due to the economic uncertainty resulting from the coronavirus pandemic, but noted it has AUD450m (US$274.55m) in cash and undrawn bank facilities. According to the company’s webpage, it still has no known cases of COVID-19 across its business. "All our 130+ locations remain open for business and we are well stocked with raw m...
Ambuja Cement of India profit grows in FY19
Ambuja Cement Ltd of India has reported an increase in total income of 3.1 per cent and profit after tax (PAT) advance of 2.8 per cent during FY19, despite an increase of 0.6 per cent in operating expenses, according to detailed stand-alone financial result released recently. The total income increased to INR120.94bn (US$1.586bn) in 2019 from INR117.32bn in the year-ago period. PAT reached t...
Lehigh Hanson delays Mitchell expansion project
US-based Lehigh Hanson Inc has delayed the start of the US$600m expansion project at its Mitchell plant in Lawrence County, Indiana. Construction may be delayed by up to a year due to uncertainties resulting from the COVID-19 pandemic. The plant will reportedly continue to finalise the engineering and delivery of equipment but will limit the amount of site work during 2020 and will move it...
China Tianrui Group Cement Co reports 50% rise in FY profit
China Tianrui Group Cement Co has posted for 2019 an attributable profit of CNY1.819bn (US$256m), up 50 per cent when compared with 2018. The company’s full-year revenues increased by 20.1 per cent YoY to CNY12.088bn, according to Reuters.
Lucky inducts independent director
Lucky Cement Ltd informed Pakistan Stock Exchange (PSX) that it has made a top management change. As per a bourse filling, Masood Karim Shaikh has been appointed as an independent director on the Board of Directors of Lucky Cement Ltd with effect from 31 March 2020 to fill in the vacancy created due to the resignation of Mohamamd Javed Iqbal, for the remaining term of the board. Muhammad Yun...