Cement News tagged: Corporate
Prism Cement's credit metrics seen improving from FY15
India-based cement producer Prism Cement Ltd is expected to see an improvement in credit metrics from FY15 on the back of an overall improvement in operating efficiency and an absence of any debt-led capex, according to a recent note by India Ratings. It has assigned Prism Cement Limited (PCL) a Long-Term Issuer Rating of 'IND A-'. The Outlook is Stable. The research house notes that the sh...
Sichuan Shuangma to acquire stake in Dujiangyan Lafarge
Sichuan Shuangma Cement Co says it plans to acquire a 25 per cent stake in Dujiangyan Lafarge Cement from Lafarge China Offshore Holding Company for about CNY832m (US$136.5m). Sichuan Shuangma has said the acquisition will be via shares issuance of about 147.58m shares at CNY5.64/share.
HeidelbergCement plans India bond placement
HeidelbergCement India plans to raise INR3.7bn (US$59.4m) by issuing non-convertible debentures on private placement basis. "... subject to receipt of various approvals, planning to offer and issue Indian rupee denominated, rated, listed, unsecured, redeemable, non-convertible debentures aggregating to INR3700m, on private placement basis, to its non-resident parent/ group company (ies),...
New DR Congo project set for financial close
Lucky Cement is in the process of negotiating finance terms and conditions with multilateral and financial institutions for a 1.8Mta cement plant in the DR of Congo. With most of the loan terms agreed upon, the Pakistan-based cement producer expects financial close over the December 2013-January 2014 period. The greenfield project is a joint venture between Lucky Cement and Groupe Rawaji in...
AVIC confirms bid for KHD
AVIC International Engineering has published the offer document for the voluntary public takeover offer to the shareholders of KHD to acquire all shares in KHD. According to a release, the joint bidders offer a cash consideration of EUR6.45 per KHD share. The offer price includes a premium of approximately 35 per cent on the weighted average domestic stock exchange price for KHD shares in the...
TCC International receives buyout bid
TCC International Holdings said it received a buyout offer from its parent company Taiwan Cement Corp. Taiwan Cement currently holds a 56.5 per cent stake in TCC International Holdings. The proposed deal is valued at HKD5.59bn (US$721m), according to Bloomberg. The deal will allow Taiwan Cement to book the full profits of the Hong Kong unit, TCC International Holdings Ltd, which has a ma...
Berenberg upgrade boosts HeidelbergCement
Analysts at Berenberg have raised recommendation on HeidelbergCement’s stock to "buy" from "hold" as concerns over a slowdown in Indonesia are limited. "We have reviewed HeidelbergCement's Indonesian exposures and our scenario analysis suggests that downside risk posed by a temporary slowdown here is relatively limited," Berenberg analysts said in a note, raising their price target to EUR63 ...
Semen Indonesia sets 2014 capex target at IDR6trn
PT Semen Indonesia said it requires IDR6trn (US$508m) capital expenditure for expansion in 2014, the company’s president director has said. Speaking to local media, Dwi Soetjipto, said Indonesia's largest cement producer had between IDR4trn-5trn. “The available capex currently does not include expansion plans in Myanmar and Bangladesh. To do that, we need a total of IDR6trn,” Dwi Soetjipto...
Portland Valderrivas reduces losses
Cementos Portland Valderrivas has cut losses in the first nine months of 2013 thanks by 74 per cent to EUR24.8m compared to EUR95.2m in the same period of last year, thanks to a series of cost control measures. Group revenues for the period amounted to EUR413m, of which Spain accounted for EUR168m. Operations in the US and Tunisia accounted for 60 per cent of group revenues and partly offset ...
Cemex starts construction of Nicaragua grinding plant
Cemex is expected to start construction on a new grinding and packing unit in Nicaragua. The new plant represents an investment of US$50m and will be implemented in two stages. Carmen Reyes Garcia, president of Nicaragua’s Compañía Nacional Productora de Cemento (CNPC), and Andrés Jiménez Uribe, country director for Cemex Nicaragua, recently signed an agreement by which the government author...
Binani Cement appoints new MD
Binani Cement Ltd, part of the Braj Binani Group, has appointed Jotirmoy Ghose as its new managing director. “Jotirmoy’s vast expertise of global operations and new market developments fit perfectly with Binani Cement’s plans of deepening its roots into new global markets where it is currently expanding,” Braj Binani, Chairman — Braj Binani Group, said in a statement. Commenting upon hi...
Exports offset domestic losses for Molins
The third-quarter consolidated net profit of Spain’s Cementos Molins fell 65.5 per cent YoY to EUR10.8m. The company’s international subsidiaries enjoyed a profit of EUR43.3m, offsetting the EUR32.5m loss registered in the domestic market. In the first nine months of the year, consolidated turnover slipped by 9.7 per cent YoY to EUR621m. Around 10.5 per cent was shaved of the turnover origi...
Cemex Latam opens new grinding unit in Colombia
Cemex Latam Holdings inaugurated a new cement grinding plant in Clemencia in Bolivar, Colombia. Output from the 0.45Mta works is expected to supply projects in the Caribbean coastal area. The plant, which will produce three types of cement (for general purposes, for structural use and for use in marine environments), is located on a 10ha site. "Our vision is to promote the development of...
India: Ambuja wins approval for Holcim restructuring
Ambuja Cements Ltd announced on Thursday that it had received shareholders' approval to buy a 24 per cent stake in Holcim (India) Pvt. Ltd from Holderind International for INR350,000m (US$556m) as well as the amalgamation of Holcim (India). The restructuring has been criticised by some investors and local shareholder-advisory firms for favouring the parent. Another round of voting will take ...
South Korea: Investors in Tong Yang Cement fear capital cut
Tong Yang Cement, which is currently under a court receivership, may slash its capital on a large scale to offset losses in prior years, according to a Reuters report. It is rumoured that the troubled cement producer will soon determine whether capital reduction will be executed and how much capital will be erased. Tong Yang Inc, a holding company of Tong Yang conglomerate, sold debt worth...
India: US$122m net profit for Udaipur Cement in September quarter
Net profit of Udaipur Cement Works reported to INR77,000m (US$122m) in the quarter ended September 2013 as against net loss of INR21,300m (US$33.8m) during the previous quarter ended September 2012. Sales reported to INR32,700m in the quarter. For the full year, net profit swung to INR58,500m in the year ended September 2013 from a net loss of INR126,200m during the previous year ended Septe...