Cement News tagged under: corporate
Fitch affirms ACC rating, India26 January 2012, Published under Cement NewsFitch Ratings has affirmed India-based ACC’s National Long-Term rating at 'Fitch AAA(ind)'. The outlook is Stable. The affirmation reflects ACC's pan-India presence with around 10% market share in 2010 and a relatively stronger credit profile compared with other cement manufacturers. The ratings factor in support from the parent - Holcim ('BBB'/Stable) - and the strong integration between Holcim and ACC, given the parent's majority ownership in ACC and management control. The ratings are a... |
Siam Cement closing in on Vietnam acquisition26 January 2012, Published under Cement NewsThailand’s Siam Cement said on Wednesday it was interested in buying a stake in a Vietnam cement maker and expects to spend less than THB10bn (US$315m) on the acquisition, Reuters reports. Siam Cement, which has recently noted that it is seeking acquisition opportunities in Southeast Asia, expects to conclude details about the deal in the second half of this year, according to Chief Executive Kan Trakulhoon. Earlier this week the company also said it is looking at opportunities in Myanm... |
Siam Cement’s 4Q net profit drops, strong sales recovery expected25 January 2012, Published under Cement NewsThailand’s biggest industrial conglomerate, Siam Cement, recorded an 81 per cent drop in fourth quarter net profit due to the recent typhoon-triggered floods that hit the country last year as well as changes in the treatment of deffered tax. However, the company forecasts robust recovery in 2012 sales on post-flooding reconstruction, with further gains expected should the company complete any acquisitions. Net profit for the quarter was THB3.2bn (US$101.75m), compared to THB16.7bn a year e... |
Jaypee to launch open offer for Andhra Cements shares25 January 2012, Published under Cement NewsJaypee Development Corp is set to launch an open offer for the acquisition of INR7.63 crores shares of Andhra Cements at INR12/share, according to reports by the Economic Times on India. Existing Andhra Cements shareholders would be able to tender their shares by February 8, the company said in a statement. Jaypee had inked an agreement with some Andhra Cement prompoters/promoter group firms on 15 November to acquire INR19.65 crore equity shares (66.4 per cent of the expanded paid-up sha... |
Lafarge Malayan Cement announces new appointments25 January 2012, Published under Cement NewsLafarge Malayan Cement Bhd had appointed British national Bradley Peter Mulroney as its president and chief executive officer and Malaysian Chen Theng Aik as executive director. Bradley Peter, 49, had initially started off his career with Redland Plc, which was acquired by Lafarge in 1996, and then became general manager. Chen, 45, was previously senior vice-president, finance and chief financial officer. |
EAPCC operations likely to resume on Thursday, Kenya25 January 2012, Published under Cement NewsEast African Portland Cement Company (EAPCC) is expected to resume operations after the parties involved in a dispute have reached a solution. EAPCC chairman, Mark ole Karbolo, said that a “solution has been found” and that the board was meeting all stakeholders to agree on a return-to-work formula, All Africa news reported. "It is the intention of the board that the company resumes operations immediately. The underlying issues that were raised will be addressed following the right pro... |
Bank of America to arrange investor meetings for Cimento Tupi, Brazil24 January 2012, Published under Cement NewsBrazilian cement producer, Cimento Tupi has enlisted Bank of America Corp to arrange meetings with bond investors as the company looks to expand cement capacity in its thriving domestic market. Bloomberg reported that the meetings are scheduled to run from 23-25 January in Europe and the US, a source close to the situation said. In May 2011, the company sold a US$100m bond with a seven-year maturity overseas, below the initial target of US$100m. The debt, which is callable in 2015, car... |
Martin Marietta bid backed by large shareholder23 January 2012, Published under Cement NewsOne of the largest shareholders of both Vulcan Materials Co and Martin Marietta Materials Inc (MLM), South Eastern Asset Management Inc, has backed the proposed combination of the two companies. Southeastern said it supports Martin Marietta’s hostile bid for Vulcan, according to reports by Bloomberg. Towards the end of last year, Martin Marietta offered to exchange 0.5 shares for each Vulcan share, in a swap originally valued at US$4.7bn. “Southeastern believes the proposed combination... |
UltraTech 3Q net profit rises 93% on improved demand23 January 2012, Published under Cement NewsIndia’s largest cement producer, UltraTech Cement, reported a 93 per cent rise in 3QFY12 net profit thanks to a double-digit rise in cement demand but energy costs continue to weigh on the company's margins. However, the company says it is on-track with its expansion programme, namely two clinker plants which will raise capacity by 92Mta in just over a year's time. The Aditya Birla Group company reported that net sales rose 23 per cent to INR4572 crores compared to INR3715 in the correspo... |
Deutsche Bank maintains “buy” rating on HeidelbergCement23 January 2012, Published under Cement NewsDeutsche Bank has retained its “buy” recommendation on HeidelbergCement and affirmed the EUR42.00 share price target. |