Cement News tagged: Corporate
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...
Steppe Cement 2Q17 revenues rise 27%
Steppe Cement announced that its 2Q17 revenue of KZT9312m (US$27.7m) was 27 per cent higher than the KZT7316m achieved in the corresponding quarter in 2016. Sales volumes reached 685,745t during the third quarter, a 12 per cent increase from the 3Q16 due to good clinker output and stock availability. For the nine months ended 30 September 2017, Steppe Cement Ltd recorded a revenue of ...
CNBM moves closer to full integration of 15 listed subsidiaries
China National Building Materials Group Corp is moving closer to full integration with talks ongoing to integrate some of CNBM 15 subsidiaries listed both at home and abroad. Among the 15 publicly-traded companies, three are listed overseas. The move follows the announcement in September of a merger between CNBM Group and China National Materials Group Corp (also known as Sinoma), another st...
BAML: Boral best placed to benefit from Australia’s infrastructure boom
ASX investors looking to benefit from the AUD100bn infrastructure boom could do well by placing their bets on Boral, according to analysts at Bank of America Merrill Lynch (BAML). The cement producer’s comparative advantage lies in its exposure to the infrastructure spend over the next decade, combined with expanding profit margins in the US. BAML building materials analyst Sophie Spart...
ARM Cement receives US$15m cash boost from shareholders
ARM Cement will receive an additional US$15m cash injection from its key shareholders to help shore up its financial position as it searches for a strategic investor. Managing Director, Pradeep Paunrama, said part of the new money is aimed at helping ease the cement maker's tight cash position and will mainly be channelled to its Tanzanian unit as capital expenditure. "We are looking at i...
Taiwan Cement sees 14% rise in September revenues
Taiwan Cement Corp reported revenues of TWD8.071bn (US$266.8m) in September 2017, up 13.9 per cent from TWD7.087m in the year-ago period, according to a note filed to the Taiwan Stock Exchange. For the first nine months, the cement producer saw its revenues increase by 9.4 per cent YoY from TWD63.024bn in 9M16 to TWD68.952bn in 9M17. Taiwan Cement Corp is Taiwan's largest cement produc...
Industria Nacional del Cemento sells close to 10m bags in 9M17
Paraguay’s Industria Nacional del Cemento (INC) has sold 9,855,397 bags of cement in the first nine months of 2017, equivalent to 74.6 per cent of the total sold last year (13.2m bags), according to the cement company’s sales department. The growth in sales is attributed to the commissioning of a new cement mill and pozzolan dryer at the Villeta works. INC President, Jorge Méndez, said the ...
Flying Cement Co reports 11% rise in post-tax profit
Pakistan’s Flying Cement Co Ltd reported a 0.24 per cent fall in its full-year sales to PKR2.47bn (US$23.4m) in 2017 from PKR2.476bn in 2016. However, the company’s operating profit (before finance costs) rose from PKR119.8bn to PKR142.6bn over the same period after PKR6.1m in distribution costs, PKR39.5m in administrative expenses and PRK15.2m in other expenses were deducted. Finance costs...
Benghazi Cement takes initial steps to reopen
Benghazi’s Hawari cement factories, in Libya, is being helped to reopen. British consultants met with the city's Mayor Abdelrahman Al-Abaar last week in talks on restarting the stalled factories, reports Libya Herald. Work is to start on demining work on the premises and its surroundings together with an assessment of the huge damage caused by the extensive fighting that took place in and ar...
Kohat Cement seeks approval for 7800tpd plant
Kohat Cement Company Ltd (KOHC) of Pakistan is in process to get approval from concerned departments for its already-announced 7800tpd expansion project at plant site Kohat in the Khyber Pakhtunkhwa province of Pakistan. The expansion is expecting to come online by FY20. According to a report of Intermarket Securities Ltd, the project is estimated to cost around US$120m, which will be fin...
Ambuja Cement disrupted by trucker strike
Cement and clinker truckers carried through their Monday strike in Himachal Pradesh over various demands, including a revision of the Goods and Service Tax rates and an end to daily revision of diesel prices, reports The Tribune. "We are observing the day-long strike on the call for a nationwide strike," said truckers’ association spokesperson Ram Kishan Sharma. More than1200 truckers w...
Fauji Cement Line II expected to be running at the end of October
Fauji Cement Company Ltd’s (FCCL) of Pakistan is making efforts to revive production from Line II following an accident last year which affected plant production. According to local research house, the company has taken the advantage of the line's needed reconstruction to expand its capacity from original 7200tpd to 7600tpd. FCCL suffered depressed operations in FY17 post collapse of its 2...