Cement News tagged under: corporate
CRH to buy 51% in Jaypee's Gujarat units for INR21bn (US$378.9m)24 August 2012, Published under Cement NewsIrish building materials group CRH is set to pick up a controlling 51 per cent stake in the cement operations of Jaiprakash Associates in Gujarat for an enterprise value of INR42bn. CRH will also be able to increase its holding to 65 per cent over the next three years at a pre-fixed price via a call option. “CRH will have the option of picking up an additional 14 per cent from Jaiprakash Associates at the current price plus a 16 per cent annualised return or at a fair price determined ... |
Mexico: Cemex shares climb on asset sale plan24 August 2012, Published under Cement NewsCemex SA shares outperformed the broader Mexican equity market Wednesday, rising as much as seven per cent after the Mexican cement maker said it plans to sell a minority stake in its Latin American assets through a listing on Colombia's stock exchange. The sale, aimed at reducing Cemex's debt, will not include assets in its homebase. Cemex's shares trading in Mexico City were recently up 4.8 per cent. |
India's Ultratech Cement plans to raise INR2.5bn via bonds24 August 2012, Published under Cement NewsUltratech Cement is planning to raise INR2.5bn (US$44.84m) through five-year bonds at 9.15 per cent, a source with direct knowledge of the deal said on Thursday, according to Reuters. |
West China Cement faces downgrade review by Moody23 August 2012, Published under Cement NewsMoody's has placed West China Cement Limited's (WCC) Ba3 corporate family and senior unsecured bond ratings under review for downgrade, reports the Hong Kong Standard. Earlier this month, US shortseller Glaucus Research slammed the firm for falsifying its publicly-filed financial statements with fictitious profit margins and over-paying for acquisitions. The Shaanxi-based cement maker claimed it was selling its products at a premium price. But Glaucus, citing independent sources, said the s... |
Taiwan Cement and Asia Cement’s Chinese profits fall22 August 2012, Published under Cement NewsDecreasing cement prices and shrinking infrastructural work in China has impacted the profits of Taiwan Cement Co (TCC) and Asia Cement, two Taiwan-based cement makers operating in China. Taiwan Cement International Holdings Ltd, a subsidiary of TCC, posted 70.4 per cent YoY net profit decline to HKD269m (US$8.97m) in the first half, while Asia Cement (China) Holdings Co, an affiliate of Asia Cement, saw profits drop 81 per cent to CNY122m (US$19.154m). A representative of TCC pointed ... |
Colombia: Cemex subsidiary applies to sell Latin American assets22 August 2012, Published under Cement NewsCemex Latam Holdings SA, a wholly-owned subsidiary of Cemex España SA, presented to the Superintendencia Financiera de Colombia an application to list its shares on the Colombian stock exchange and to offer a minority of Cemex Latam’s shares in a public offering to investors. Cemex Latam's assets are expected to include substantially all of Cemex’s assets in Central and South America (excluding Mexico). This application is one component of the previously-announced asset sale alternatives ... |
Australia's Boral 2H profit slumps22 August 2012, Published under Cement NewsHit by weak housing construction in Australia and delays in big resource and road projects, top Australian building products maker Boral Ltd reported a 59 per cent fall in second-half profit, in line with market forecasts. Boral declined to give a forecast for the year ahead, in light of uncertain market conditions, but said it would update investors at its annual meeting in November. Net profit for the six months to June fell to AUD34.2m (US$35.6m) from AUD83m a year earlier, as calculat... |
Mexico: Cemex announces 90% acceptance of its ongoing debt exchange22 August 2012, Published under Cement NewsCemex has announced that it has received acceptance notices representing approximately 90 per cent of the exposures under the 2009 Financing Agreement and indication of an intent to participate in the exchange transaction from additional participating creditors. Acceptance Notices from participating creditors wishing to exchange into the New HY Notes represent an anticipated issuance of approximately US$470m in aggregate principal amount of such notes.?? The cement manufacturer also said i... |
Holcim's profit ahead, reshuffles top management20 August 2012, Published under Cement NewsHolcim increased its consolidated sales of cement fuelled by the emerging markets and North America in the 1H12. However, the group said it is advancing a cost-cutting programme as European sales drop faster than anticipated and has announced a management shake-up in an effort to streamline its group structure. The Swiss cement major noted that first-half turnover improved 2.1 per cent to CHF10,357m (US$10,651m) and in euro terms there was a 7.6 per cent increase to €8591m. Higher sales v... |
Trinidad Cement Limited sees revenue up 4% but 20% EBITDA cut20 August 2012, Published under Cement NewsFor the six months ended 30 June 2011 Trinidad Cement Limited (TCL) reported a loss per share (LPS) of JMD0.59 (from continuing operations) which compares with an LPS of JMD0.28 (from continuing operations) for 1H2011. TCL's revenue was up 3.9 per cent but reported earnings before interest, tax and depreciation (EBITDA) of JMD33.9m (US$381,413) a 20 per cent decline YoY. EBITDA was significantly affected by the general labour strike at the Trinidad plant, which persisted for three months. ... |