Cement News tagged under: corporate
Fives Pillard strengthens its position in Indian combustion market10 April 2012, Published under Cement NewsThe Fives group has acquired CBL Combustion Systems, an Indian company specialising in the design and supply of combustion equipment used mainly in the energy (burners for industrial boilers and thermal power plants) and minerals (cement) sectors. CBL, which markets its offer both on the basis of its own technologies and those of Fives Pillard, has adopted the name of Fives Combustion Systems Pvt Ltd and the Fives group’s visual identity. Fives Combustion Systems, headquartered in Mumbai, ... |
Readymix agrees to Cemex buy-out offer, Ireland09 April 2012, Published under Cement NewsShareholders of Irish cement maker Readymix have voted to sell the 38 per cent share of the company not owned by Cemex to the Mexican cement major. At a meeting to vote on the deal, some 97.56 per cent of shareholders agreed to the 25 cents per share offer which had been increased from 22 cents per share. Readymix will now apply to the High Court to confirm the date for the court hearing to sanction the scheme. It is expected that the court hearing will be held on May 8. Cemex made an ... |
Saudi cement companies 1Q net profit rise, Saudi Arabia09 April 2012, Published under Cement NewsTwo leading Saudi Arabian cement producers have reported a rise in first quarter 2012 net profit due to higher sales. Yanbu Cement said its first quarter 2012 net profit surged 43.6 per cent YoY to SAR145m (US$38.7m). Earnings per share stood at SAR1.38, up from SAR0.6 from the same period last year. Meanwhile, Qassim Cement net profit rose 7.7 per cent to SAR158.4m (US$42.3m). First-quarter earnings per share were SAR1.76, down from SAR1.64 a year earlier, while operating profit rose 6.... |
Camargo Correa on Rating Watch Negative09 April 2012, Published under Cement NewsFitch Ratings has placed all of the ratings of Camargo Correa and its subsidiaries on Rating Watch Negative following the Brazilian conglomerate's announcement that it intends to buy full control of Cimpor. Last week Camargo made a public offer for the remaining 67 per cent of Cimpor which it does not own. At EUR5.5 per share, the deal is the equivalent to EUR2.5bn. Fitch views the proposed transaction as negative to Camargo's credit quality considering potential leverage being added to... |
Cimpor acquisition good for competition06 April 2012, Published under Cement NewsThe buyout of Cimpor, Portugal, by Camargo Corrêa of Brazil would improve competition by reducing the market share of dominant player, Grupo Votorantim, according to Brazil’s antitrust regulator. "In principal, I can say that would be better than Votorantim concentrating even more of the market. But I can't say that solution is enough," said Olavo Chinaglia, the head of the Brazilian antitrust agency Cade, reported Reuters. Camargo Corrêa, the country’s second-largest construction grou... |
Jidong Cement net profit rises 9%06 April 2012, Published under Cement NewsTangshan Jidong Cement Co. Ltd, based in Hebei Province, China, has stated that its net profit rose 9%YoY to CNY1.53bn in 2011. Meanwhile, operating revenue surged by 42.15% to CNY15.73bn. |
Dividend boost for Dangote shareholders06 April 2012, Published under Cement NewsDangote Cement Plc announced it will pay a cash dividend of NGN19.37bn, or NGN1.25 per share, according to the company’s financial statement released on the Nigerian Stock Exchanged yesterday. The directors a recommended a bonus issue of one new share for every one already held. Company turnover was noted at NGN235.70bn compared with NGN202.57bn a year earlier, indicating a 16% growth. Profit before tax rose by 14.6% to NGN139.08bn from NGN121.28bn while retained profit surged from NGN... |
Camargo Corrêa in Cimpor bid06 April 2012, Published under Cement NewsCamargo Corrêa and Brazilian competitor Votorantim Cimentos SA bought separate stakes in Cimpor in early 2010. Camargo currently claims to hold around a 33.25% stake in Cimpor and is its largest shareholder ahead of Votorantim with a current 21.2% interest, but has an option to increase this to 30.8%. Votorantim is reportedly considering teaming up with Camargo for a joint bid, although the latter denies that any such agreement has been made. Given Votorantim’s dominant market share in Brazi... |
Dangote Cement pretax profit advances, Nigeria05 April 2012, Published under Cement NewsDangote Cement said its pre-tax profit rose to NGN118.28bn (US$750.70m) in 2011, compared with NGN117.84bn in the previous year. Nigeria's biggest capitalised company proposed a 1.25 naira per share dividend, plus one bonus share for each 10 held. Turnover rose marginally to NGN235.91bn, compared with NGN235.70bn in the previous year, the company results said. |
CNBM seeks CNY15bn listing, China04 April 2012, Published under Cement NewsChina National Building Material (CNBM) China National Building Material (CNBM), hopes to list in Shanghai this year, according to local press reports. The company hopes to raise CNY15bn from its Shanghai A-share listing, said Nomura analyst Luo Yang, but cautioned: "They are too optimistic. CNY10bn should be the maximum, given the market." The state-owned firm has applied to the China Securities Regulatory Commission for an A-share listing in Shanghai and is awaiting its approval, sa... |