Cement News tagged under: Corporate
JP Morgan may pick up 25% in Binani Cement19 August 2005, Published under Cement NewsAn equity fund controlled by JP Morgan Chase is likely to pick up 25 per cent stake in Binani Cement for around Rs 150 crore. JP Morgan’s restructuring fund, it is learnt, will invest in the cement arm of Binani Industries, which is in the midst of doubling its capacity to 4Mt. Binani Industries chairman and managing director Braj Binani is likely to be in the city next week to finalise the deal, which would value Binani Cement at around Rs 600 crore. JP Morgan’s fund may pay close to Rs ... |
Italy Mediobanca cuts stake in Ciments Francais to 4.98%19 August 2005, Published under Cement NewsItalian investment bank Mediobanca reduced its stake in French cement maker Ciments Francais SA, a subsidiary of Italian cement group Italcementi, to 4.98%. Mediobanca now has 2.93% of voting rights in Ciments Francais. Mediobanca held a 8.42% stake in the French company at the end of 2004, compared to 11.46% held at the end of June 2004. On February 28, 2005, Mediobanca increased its stake to 10.66 pct, or 6.28% of the company’s voting rights.(ANSA) |
New State Cement’s chief appointed19 August 2005, Published under Cement NewsThe ministry of industries and production has appointed MP Gangwani as chairman State Cement Corporation of Pakistan, an official announcement said. "Mr Gangwani has 36 years of experience in cement industry and has remained managing director of Javedan Cement, Thatta Cement and Associated Cement Rohri," said the statement. |
SCC expects more growth but margins down18 August 2005, Published under Cement NewsEven though Siam Cement (SCC) expected cement growth in 2H05 to be soft at 6-8%, down from 14% growth during 1H05, the company believes cement demand in the next five years will continue to grow at least 7-8% per year on the back of the mega projects. Meanwhile, they have been increasing the price of ready-mixed concrete. Though they have not increased price much, it has still helped improve EBITDA margin which had been hurt by rising oil prices. However, competitors are now preparing to ask ... |
Saudi Yamama Cement H1 2005 net profit down17 August 2005, Published under Cement NewsSaudi cement producer Yamama Cement Company (YCC) posted a net profit of 206.9 mln Saudi riyals (US$55.2m) for the first half of 2005, down 40.3 per cent year-on-year. The decrease came despite the 2.5 rise in gross profit to 224.7 mln riyals (US$59.9m) for January to June 2005. The company also registered an 8.5 per cent annual decline in total operating expenses to 17.8 mln riyals (US$4.7m) in the first six months of 2005. |
Minority shareholders of Chakwal complain17 August 2005, Published under Cement NewsWe would like to draw your attention towards the acquisition of over 51 per cent stake in Chakwal Cement company, Pakistan in November 2004 by OCI Cement Group (ORASCOM). The group finalised the negotiations and the formal completion of the acquisition took place in March 2005 (as per their web page and the accounts for the quarter ended 31st March 2005). SIGMA Leasing Corporation Ltd is among one of the minority shareholders of the company. We are of the opinion that the transaction of a... |
Heard on Johannesburg radio17 August 2005, Published under Cement NewsSouth African cement sales rose by 11.1 per cent year on year in July 2005 - for the third consecutive month it was over a million tons, I think it was 1.016-million. That obviously bodes well for companies like PPC and Barloworld. I see PPC was up two per cent today - outperforming the market quite substantially. That share is now almost R255. Yes, we do like PPC - it’s obviously a nice dividend play as well, it pays out a nice dividend yield. Over the last couple of years it’s paid out some... |
IMF team briefed on privatisation progress17 August 2005, Published under Cement NewsAn IMF mission led by Mohsin S Khan, Director, Middle East and Central Asia Department, held just a meeting with Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment, Pakistan. Hafeez briefed the delegation regarding privatisation and investment policies of the government and said that during the last two years the government realised Rs 261 billion as proceeds through privatisation of 27 transactions, whereas during the first three years of General Pervez Musharraf’’s gov... |
Cemex rating raised – Moody16 August 2005, Published under Cement NewsCemex SA, had its debt rating raised one level to investment grade by Moody’s Investors Service less than six months after the company made its largest acquisition ever. Moody’s raised Cemex’s rating to Baa3, its lowest investment- grade rating, from Ba1 and said the outlook is stable. Monterrey, Mexico-based Cemex paid US$5.8 billion in March to acquire Britain’s RMC Group PLC, the world’s biggest producer of ready-mix concrete. “Cemex’s management has made progress in mitigating the nea... |
Sinai Cement almost doubles H1 net profit16 August 2005, Published under Cement NewsEgypt’s Sinai Cement almost doubled net profits for the first six months of 2005 to 65.5 million Egyptian pounds (US$11.4m), the stock exchange said in a statement on Monday. Sinai Cement’s net profit figure was 35.2 million pounds for the same six-month period last year, the brief statement said. |