Cement News tagged: Corporate
CCNN first-half net income boosted by cost cuts, Nigeria
The Cement Company of Northern Nigeria (CCNN) achieved a 91 per cent increase in profit for the first six months of the year helped by a reduction in operating and financing costs. For the first six months to the end of June, the Sokoto-based company’s net profit climbed to NGN1.58bn from NGN832.2m in the same period of last year. The rise is attributed cost control measures as distribution...
Sagar Cement completes sale of joint-venture stake
Sagar Cements has completed the sale of its stake in Vicat Sagar Cement, therefore formalising its exit from the joint-venture company. In mid-July an agreement had been reached whereby Sagar Cements would sell its entire 47 per cent stake in the collaboration to Vicat for INR66.86/share (US$1.1). The company had earlier obtained approval from shareholders through postal ballot for the sale...
Lafarge Holcim merger cleared in Singapore
The Competition Commission of Singapore (CCS) has given Lafarge and Holcim the greenlight to merge their businesses in the country. Holcim Singapore manufactures and supplies ready-mix concrete to customers. Holcim also imports grey cement. Similarly, Lafarge Singapore imports and supplies cement to third-parties in Singapore. Lafarge, through its subsidiary and joint venture partner, manufa...
Cemex announces pricing on Senior Secured Notes
Cemex announced the pricing of EUR400m of its 4.750 per cent Senior Secured Notes due 2022 denominated in euros and US$1.1bn of its 5.700 per cent Senior Secured Notes due 2025 denominated in US dollars. The Euro Notes will bear interest at an annual rate of 4.750 per cent and mature on January 11, 2022. The Euro Notes will be issued at par and will be callable commencing on 11 January 2018. ...
WCC raises US$400m in bond offering, China
West China Cement (WCC) has raised US$400m in a five-year bond deal with proceeds intended to refinance the same amount of debt. With an order book of US$4bn from 260 institutional accounts, the latest bond deal offered investors a coupon rate of 6.5 per cent, compared with 7.5 per cent on the previous five-year bond that matures in 2016, according to a term sheet seen by the South China Mor...
Semapa 1H14 cement turnover up 5.3 per cent YoY
Semapa, the Portuguese holding company that controls cement maker Secil, said turnover from its cement business operating rose 5.3 per cent YoY to EUR217.3m, driven mainly by increased exports from its home market of Portugal. In its domestic market of Portugal, Secil recorded a turnover of EUR91.2m, up 11 per cent YoY. Export revenue increased by 20.6 per cent YoY and accounted for 68.2 per...
Cemex seeks to refinance some bank debt
Cemex said Wednesday it is negotiating with a number of banks to refinance part of its outstanding bank debt, saying hopes to finalise the pact by the end of October. In a regulatory filing, the Mexican cement major said it is in advanced talks with a group of banks aimed at reaching a new agreement by 31 October 2014. Proceeds would be used to refinance part of an existing financing agreem...
Malaysia: cement division boosts YTL full-year profit
Malaysia-based YTL Corp posted a 20.8 per cent rise in full-year attributable profit to MYR1.539bn (US$485.7m) to the end of June 2014, largely driven by a good performance by its cement division. "The jump in net profit was contributed mainly by our cement business, which saw better performance in the concrete and quarry segments, as well as the net fair value gain on investment properti...
Lucky boosted by higher volumes and pricing
Pakistan’s largest cement producer, Lucky Cement, reported a net profit of PKR11.3bn (US$110.34m) for the fiscal ending 30 June 2014, up 16.4 per cent compared to PKR9.7bn in the previous year. Earnings growth was primarily supported by higher sales volumes and prices during the period. On a quarterly basis, earnings grew four per cent QoQ to PKR3.15bn. Revenue increased 14 per cent YoY ...
Eurocement appeals Supreme Court ruling on Ahangarancement
The Supreme Economic Court of Uzbekistan has received an appeal from Eurocement Group on the court's decision to annul the privatisation of Ahangarancement, in which the Russian producer holds a majority stake. On 21 July 2014, the Uzbek court declared Eurocement's 2006 privatisation of the cement plant invalid. Eurocement owns a 75 per cent stake in Ahangarancement, Uzbekistan's second-large...
Siam Cement outlines investment to strengthen ASEAN presence
Siam Cement Group, Thailand's largest building materials company, is preparing to invest THB3.19bn (US$$100m) in its core business, part of the company's to strengthen its high-value-added products and boost its presence in the ASEAN region. "(Our aim is) to become an Asean sustainable business leader," said President and CEO Kan Trakulhoon in a statement About THB2.8bn of the investment ...
Semen Indonesia closing in on Bangladesh acquisition
PT Semen Indonesia is trying to complete the acquisition of a Bangladesh cement company in the near future, said PT Semen Indonesia's Director of Business Development and Strategy, Johan Samudra. “As a business, the acquisition of the Bangladesh cement company is the best opportunity to be closing soon, and we have to be the majority shareholder,” he told the President Post on the sidelines o...
Fitch rates West China Cement's Proposed Notes 'BB-(EXP)'
Fitch Ratings has assigned West China Cement Ltd's (WCC) proposed US dollar senior unsecured notes an expected rating of 'BB-(EXP)'. The notes will be issued by WCC and guaranteed by WCC's existing subsidiaries other than those organised under the laws of China. Refinancing drives Outlook revision WCC has US$400m of senior notes due January 2016 and CNY800m of onshore medium-term notes (MTN...
Cimpor's 1H14 cement sales rise by 10.8%
Cimpor's first-half turnover showed a 4.4 per cent decline to EUR1243.1m, but at constant exchange rates there was a 22 per cent increase, while the EBITDA did improve by 1.6 per cent to EUR288.7m in spite of negative currency movements amounting to 37 per cent in the case of Argentina, 17 per cent for South Africa and 15 per cent for Brazil. The trading profit increased by 11.6 per cent to...
Heracles profit lifted by exports, demand pick up
Greece-based Heracles General Cement Co reported a 9.3 per cent YoY increase in sales for the first half of 2014 to EUR123.4m. At the parent company level, sales reached EUR110.4m, up by eight per cent. In an announcement, Greece's largest cement producer said the stronger sales performance was boosted by "increased export activity and stronger domestic demand from low levels.” It added th...
Semen Indonesia Myanmar investment delays
Semen Indonesia may have to postpone expansion into Myanmar until next year due to prolonged negotiations with its local partner, a company executive told the Jakarta Post. Finance director Ahyanizzam said that despite a suitable partner having been found, discussions regarding the ownership of the joint venture have not proceeded as expected. "We initially planned to enter Myanmar to become ...