Cement News tagged: Corporate
Saudi Arabia: Qassim Cement reports lower-than-expected 3Q16 profits
Saudi Arabia’s Qassim Cement reported a profit of SAR70.4m (US$18.8m) in 3Q16 and an operating profit of S AR78.3m. The results were lower than expected, according to Al Rahji Capital, who had estimated them at SAR86m and SAR91m, respectively. "Earnings declined mainly due to sharp drop in gross margin to 49.3per cent (vs 60.1 per cent in 3Q15) which in turn was due to lower sales volume an...
China: consolidation on production capacity by 2020
The China Cement Association (CCA) has advised that the merger of leading cement companies will likely concentrate the industry’s capacity, informing that government that by year end 2020 more than 60 per cent of production capacity would be controlled by the top 10 companies. President of the CCA, Qiao Longde, said, “there are too many cement enterprises, which makes it very hard to utilis...
LafargeHolcim exits Chile as it sells Cemento Polpaico
LafargeHolcim will sell its majority stake in Chile's Cemento Polpaico to investment firm Inversiones Caburga Ltda, whose interests include the Chilean ready-mix market through Cementos Bicentenario. Caburga, owned by the Hurtado Vicuna Group, agreed to buy the 54.3 per cent stake, which represents around CHF220m (US$225m), via a public tender offer, according to LafargeHolcim. Cemento...
China: Anhui Conch most shorted stock amid economic concerns
Shares in Anhui Conch have become the most shorted on the Hong Kong stock exchange as doubts grow over the sustainability of China’s property boom, Bloomberg reports. Disagreements over the future path of the Chinese property sector have led to Anhui’s shares being shorted at a level five times higher than was the case earlier in the year. While some investors are betting that a cooling pro...
India: Sagar Cement sales rise 29% on consolidated basis
Sagar Cement has announced its sales and production figures for September, which saw the former rise by 29 per cent on a consolidated basis, but fall by 15 per cent on a standalone basis, Accord Fintech reports. Consolidated sales amounted to 148,000 tonnes, while standalone sales reached 98,000 tonnes. Production for September was 146,000 tonnes, while standalone production was 94,000 tonn...
China: Shanshui Cement to raise HK$456m from placing
Shanshui Cement announced that it has entered into a placement agreement, proposing the placing of 910-950m new shares at a price not less than HK$0.5/share. This placing price represents a 92.1 per cent discount when compared to its closing price of HK$6.29 (US$0.81). The placing shares represent 21.2-21.9 per cent of the enlarged issued share capital of the group. Estimated net proceeds s...
Italcementi shares to cease trading
Shares in Italcementi will be removed from the Milan stock exchange next Wednesday after the conclusion of HeidelbergCement’s takeover, Il Sole 24 Ore reports. Heidelberg has now amassed a stake of more than 96 per cent in Italcementi, giving the German firm the right to purchase the outstanding shares.
Essroc Canada's integration to the HeidelbergCement Goup is approved
The integration Italcementi's business in Canada with the HeidelbergCement Group was formerly approved by the company's board of directors yesterday. Since 1 July 2016 HeidelbergCement Group has been held the majority stake in Italcementi and will take over the entire company following a mandatory takeover bid. The transaction involves the acquisition by Canadian Lehigh Hanson Materials L...
India: Birla Group front runner to buy Bhillai stake
Orient Cement, part of the Birla Group, has emerged as the front-runner to buy out Jaiprakash Associates’ 74 per cent stake in Bhillai Jaypee Cement, the Economic Times reports. Bhillai is run as a joint venture between Jaiprakash and SAIL, with the latter holding 26 per cent of the enterprise. A source told the Economic Times that the deal values Bhillai at INR15bn (US$225m). Bhillai Ja...
Cemex new management in CLH and Colombia
Cemex Latam Holdings has made senior level organisational changes at both CLH and Cemex Colombia. The following changes have been made and are effective immediately: Juan Pablo San Agustin: appointed chairman of the Board of Directors of CLH, will remain executive vice President of Strategic Planning and New Business Development of Cemex and is a member of Cemex’s executive committee. ...
Egypt: NCC incurs US$13.5m losses
Egypt’s National Cement Company (NCC) incurred net losses of EGP119.9m (US$13.5m) during fiscal year 15-16, an improvement when compared to the EGP282.5m registered for the previous year. NCC chairman, Saeed Abdel Moty, reported that the company attained revenues of EGP858.8m in FY16-16 versus EGP756.5m a year earlier. Mr Moty added that NCC has recently invested approximately EGP1.0bn in i...
USA: Summit Materials Inc appoints new VP of investor relations
Summit Materials Inc has appointed Noel R Ryan III as its new vice president of investor relations. With over 15 years’ experience in investor relations and capital markets, Ryan most recently served as VP and head of investor relations & external communications for Calumet Specialty Products Partners LP. Before that he served as head of the investor relations function at Delek US Holdings In...
Kenya: CDC completes purchase of 40% stake in ARM Cement
ARM Cement has completed the sale of 40 per cent of its shares to CDC Group, a UK-owned development corporation, for KES14.1bn (US$139m), Capital Business reports. The investment will strengthen ARM’s financial structure and enable the company develop to meet the growing demand for sustainably produced cement across sub-Saharan Africa. In the short-term, CDC will support the company’s plans...
India: Shree Cement begins work on Gulbarga plant
Shree Cement has begun construction work on a new integrated cement plant sited in the Gulbarga district of Karnataka. The project, first announced in 2012, will see the creation of a 3.8Mta limestone mine, and have the capacity to produce 2.4Mta of clinker and 3.0Mta of finished cement. The project will also include a 40MW coal-based captive power plant, and is expected to take around 1...
Refratory giants RHI and Magnesita to merge
RHI and Magnesita are to merge creating one of the leading global refractory companies that will operate under the new name of RHI Magnesita. RHI AG and the controlling shareholders of Magnesita Refratários SA, investment vehicles affiliated with GP Investments and Rhône Capital, and together with GP (Magnesita’s Controlling Shareholders) agreed to combine the operations of RHI and Magnesi...
HeidelbergCement achieves high acceptance rate for Italcementi share offer
HeidelbergCement achieved a high acceptance rate in the mandatory tender offer to the remaining shareholders of Italcementi. According to provisional results, 165,371,229 Italcementi shares were tendered at the end of the subscription period, on 30 September 2016. In addition, HeidelbergCement purchased 14,000,000 Italcementi shares outside the offer on the stock exchange. Together with the ...