Cement News tagged: Corporate
Yanbu Cement 1H net profit rises four per cent, Saudi Arabia
Saudi Arabia-based Yanbu Cement said net profit for the first half of 2012 rose by 43.4 per cent YoY to SAR360m (US$96m). Earnings per share stood at SAR3.43, up from SAR2.39. For the second quarter of 2012, Yanbu’s net profit reached SAR216m from SAR150m from the same period of last year. The company attributed the strong performance to higher production and sales volumes as a result of...
Siam Cement faces 2Q net profit drop
Siam Cement is expected to report a fall in net profit for the second quarter hurt by weak results of its core petrochemical business. Citigroup forecast Siam's net profit to fall 42 per cent to THB4.35bn for the April-June quarter, YoY, according to a Reuters report. "First-half estimated profit should come at 34 per cent of consensus fiscal year forecast, possibly leading to further ea...
Anhui Conch to issue corporate bonds, China
Anhui Conch Cement said on Wednesday that its board of directors has approved its plan to issue up to CNY6bn worth of corporate bonds with a maturity of no more than 10 years. Proceeds from the issuance will be used to replenish working capital and adjust debt structure. (Source: China Business Newswire).
L&T files for arbitration proceedings against Zuari Cement, India
Engineering and construction company Larsen & Toubro (L&T) has filed for arbitration proceedings against Zuari Cement, a fully-owned subsidiary of Italcementi, to claim INR188.53 crore in alleged unpaid bills and payment delays, The Indian Express reports "They haven't paid us for the INR269.74 crore civil construction work to build a cement plant in Yerraguntla, Andhra Pradesh, and we have s...
Control of Bekabadcement transferred, Uzbekistan
Control over producer Bekabadcement has been transferred from industrial holding United Cement Group (UCG) to the Uzbek State Committee for State Property Management, a regional media report. "The Supervisory Board of Bekabadcement has decided to include in the register of shareholders of Uzbekistan State Property Committee, which holds 51.53 per cent stake," the report said. The ...
Brazil competition authority approves Camargo purchase of Cimpor
Brazil’s competition authority CADE has approved Camargo Correa’s purchase of a controlling stake in Portuguese cement producer Cimpor, subject to several conditions. The main condition set by the regulator is that Votorantim, Camargo’s competitor on the Brazilian market, sells its stake in Cimpor. Votorantim and Camargo Correa both bought shares in Cimpor in 2010. Through their shareholdin...
Grupo Argos merges port assets
Grupo Argos has been authorised by its Board of Directors to merge its port assets with Muelles El Bosque Operador Portuario (MEBOP) and Terminal Marítima Muelles El Bosque. The company resulting from the merger will be 50% owned by Grupo Argos and the remaining 50% by the current shareholders of Muelles El Bosque, the Echavarría Obregón family and the Spanish group Ership (property of the A...
China Tianrui sees 1H net profit down 30%
China Tianrui Group Cement said it expects net profit to be down around 30 per cent for the first half of 2012 compared to the same period of last year. The company said that since the second quarter of 2012, there has been a rebound in market demand for cement products in Central China and Liaoning province and the sales volume and selling prices of cement products of the company has gener...
Personnel change in the Supervisory Board of HeidelbergCement
Prof. Dr. Marion Weissenberger-Eibl has been appointed as a member of HeidelbergCement's Supervisory Board in the capacity of shareholder representative. She succeeds Dr.-Ing. Herbert Lutkestratkotter, who had resigned from his position for personal reasons. Her term of appointment will expire on the occasion of the by-election held at the next Annual General Meeting of HeidelbergCement AG on ...
Standard & Poor's puts Cemex 'B-' rating on watch negative
Ratings agency Standard & Poor’s (S&P) may cut the credit rating on Cemex and its key operating subsidiaries following the cement major’s recently announced refinancing proposal. Cemex’s debt is rated B- by S&P. Last week Cemex announced a proposal to refinance US$7.3bn in bank debt, including a three-year extension on debt due in 2014 and an initial US$1bn payment to lenders by March 31, 20...
Siam Cement to review capex plans, Thailand
Thai conglomerate Siam Cement Group (SCG) is reviewing its THB150bn, five-year investment plan in light of the effects of Europe’s sovereign debt crisis, the Bangkok Post reports. According to Kan Trakulhoon, president and CEO of SCG, the revision reflects weak demand for the company’s products on the global markets. The current plan calls for capital expenditure of THB150bn to be spent bet...
Sichuan Shuangma Cement in private placement, China
Sichuan Shuangma Cement Co Ltd, a Shenzhen-listed producer and distributor of cement, said on 2 July 2012 that it plans to issue no more than 121 million shares to 10 designated investors at CNY7.42 a share to raise up to CNY903m. The funds raised from the issuance will be used to acquire a 25 per cent stake in a Dujiangyan, Sichuan-based cement company from Lafarge China Offshore Holding Co ...
Republic Cement Corp changes name, Philippines
In a disclosure to the Philippine Stock Exchange on Tuesday, Republic Cement Corporation changed its corporate name to Lafarge Republic Incorporated. Also, as part of their by-law’s amendments, their corporate seal shall bear the amended name of the corporation. The Securities and Exchange Commission had earlier approved the change in corporate name.
Sinoma Intl warns of 30-50 per cent drop in 1H net profit
Sinoma International Ltd announced yesterday that it expected its net profit to drop 30-50 per cent YoY in the first half of this year. In the first six months of 2011, the company's net profit was CNY739m. The company said the significant drop in net profit was in part due to a loss from an overseas project. In 2011, the company's net profit attributable to shareholders of the company sur...
CRH first-half development spend EUR0.25bn
CRH plc has completed 18 acquisition and investment initiatives undertaken during the first-half of 2012. The 18 transactions, comprising five in Europe and 13 in the Americas, bring first-half development spend for the Group to approximately €0.25bn, the group said in a development strategy update today. The European deals amounted to an investment of EUR155m. These transactions include a ...
Lafarge places seven-year EUR500m bond
Lafarge placed today, under its Euro Medium-Term Note program, a EUR500m bond with a seven year maturity and fixed annual coupon of 5.875% to institutional investors. While Lafarge had no immediate refinancing needs, the company said: “proceeds of this bond issuance will reinforce the already strong liquidity position of the Group.” The settlement and issuance of the bond are expected to o...