Cement News tagged under: corporate
Macquarie cuts Boral rating06 October 2010, Published under Cement NewsBoral’s rating has been slashed from "neutral" to "underperform" by Macquarie Group, after heavy rainfall on the east coast of Australia affected the company’s cement operations. |
Steppe Cement 3Q revenue +31%06 October 2010, Published under Cement NewsSteppe Cement Ltd,a construction materials producer in Kazakhstan, said Wednesday revenue for the third quarter ended September 30 rose 31% to KZT4,047m, making KZT8,741m for the nine months – representing a 26% improvement. Sales volume of 424,762t were achieved during the third quarter, a 48% increase over the third quarter of 2009; for the first nine months the sales volume increased 30% to 947,919t. Steppe Cement’s wholly-owned subsidiary, Karcement JSC accounted for 48% of the total s... |
Fitch Downgrades CRH to ’BBB’; Outlook Stable05 October 2010, Published under Cement NewsFitch Ratings has today downgraded CRH plc’s (CRH) Long-term Issuer Default Rating (IDR) and senior unsecured notes to ’BBB’ from ’BBB+’. The agency has simultaneously affirmed CRH’s Short-term IDR at ’F2’. Fitch has changed the Outlook on the Long-term IDR to Stable from Negative. The ratings continue to reflect CRH’s position as a major building materials group, with strong geographic and product diversification. "The Long-term IDR downgrade to ’BBB’ reflects Fitch’s expectation that w... |
PIC’s AfriSam write-down much bigger05 October 2010, Published under Cement NewsThe controversial R6bn (US$857.7m) investment made by the Public Investment Corporation to facilitate a BEE transaction between the AfriSam consortium and the Holcim cement group was valued by auditors KPMG at only R1.2bn at the end of the 2009-10 financial year. The controversial R6bn investment made by the Public Investment Corporation (PIC) to facilitate a black economic empowerment (BEE) transaction between the AfriSam consortium and the Holcim cement group was valued by auditors KPMG ... |
Halyps Cement recognized as one of the Strongest Companies in Greece04 October 2010, Published under Cement NewsHalyps Cement ranks amongst the “Strongest Companies in Greece” of ICAP, demonstrating to be ready to face the challenges of our times and confirming its really high credit ratings. The “Strongest Companies in Greece” refers to the enterprises ranking at the highest level of ICAP Group credit ratings. ICAP Group is recognized by the Bank of Greece as an External Organisation for Credit Ratings and by the European Central Bank as Acceptable Source of Credit Ratings. Only one out of 10 ente... |
Next steps for Italcementi01 October 2010, Published under Cement NewsItalcementi, the fifth largest multinational cement producer in the world, has underlined its commitment to expanding its position in emerging regions and boosting its efficiencies in mature markets as it looks to take its next steps in Bulgaria, China and Italy. The group said it is planning investments of €3.1bn over the next five years. In terms of current expansion, the company announced at an investor event in Agadir, Morocco, that it has started the reconstruction and modernisation... |
Shareholders approve BCC, Dangote Cement merger30 September 2010, Published under Cement NewsShareholders of Benue Cement Plc (BCC) on Tuesday endorsed the proposed merger with Dangote Cement Plc (DCP) to form a larger cement entity that would yield many benefits to them. Addressing the shareholders at the Court-ordered Meeting held in Kano, on Tuesday, Chairman of BCC, Alhaji Aliko Dangote, said that the merger when consummated, will facilitate better access to financing, adding that the post-merger entity would have a bigger balance sheet and a larger collection of high qual... |
Slow US recovery puts Cemex debt deal at risk - analysis24 September 2010, Published under Cement NewsCemex may be forced to sell assets or engineer onerous debt swaps as a weak U.S. economic recovery puts the company dangerously close to breaching promises made to its creditors, reports Reuters Cemex is struggling with dismal sales in the United States, its top market, as well as in other major markets such as Spain and Mexico. The company narrowly avoided default last year on its massive debt load by striking a deal with creditors, but analysts say the lame recovery in its key markets co... |
Government gives 43% Onigbolo cement equity to Dangote Industries22 September 2010, Published under Cement NewsThe Bureau of Public Enterprises (BPE) has handed over Nigerian government’s 43 % equity in Onigbolo Cement Company (OCC) in Benin Republic to Dangote Industries Limited (DIL.) The handover ceremony took place on Monday, at the company’s premises at Onigbolo. The certificate of transfer was presented by the Director General of the BPE, Ms. Bolanle Onagoruwa, to Engineer Joseph Makoju, A Special Adviser to Alhaji Aliko Dangote. Onagoruwa said the privatisation of the cement company is p... |
Credit Suisse upgrades Lafarge22 September 2010, Published under Cement NewsShares in Lafarge rise 2.9 per cent, with Credit Suisse upgrading its recommendation on the cement manufacturer to "outperform" from "neutral" as it sees the firm offering a more compelling investment than Holcim. Credit Suisse expects Lafarge’s share price to catch up with Holcim in the coming months, and raises its target price for the French cement maker to EUR48 from EUR45, while cutting its recommendation on Holcim to "underperform" from "neutral" and CRH to "neutral" from "outperform". |