Cement News tagged under: corporate
Quinn declared bankrupt by Dublin court, Ireland17 January 2012, Published under Cement NewsFormer Irish billionaire Sean Quinn has been made bankrupt in Dublin days after his bankruptcy in the UK was annulled by a Belfast court. Quinn’s ill-fated investment in Anglo Irish Bank just before the lender was nationalised in 2009, and the enormous debts he owes the bank, resulted in Quinn declaring himself bankrupt to a court in Belfast last November. In the UK a person declared bankrupt can discharge their debts after one year and then start a business anew but in Dublin this process ... |
Saudi Cement 4Q11 up on higher demand17 January 2012, Published under Cement NewsSaudi Cement Co posted a 39.7 per cent rise in its 4Q11 net profit, on higher production and demand. Net profit for the quarter reached SAR212.3m (US$56.6m) compared to SAR152m in the same period a year earlier. "The rise in the yearly and fourth quarter net profit compared to the same period a year earlier is due to the rise in production capabilities from new lines... in addition to local demand growth during the period," the company said. Fourth quarter operating profit increased 39.... |
Eastern Province net profit rises 6% per cent, Saudi Arabia17 January 2012, Published under Cement NewsEastern Province Cement of Saudi Arabia registered a 2011 net profit of SAR364m (US$97.1m), up six per cent YoY from SAR343m in 2010, attributed to higher sales and lower cost of sales. Earnings per share were SAR4.23 versus SAR3.99. Fourth quarter net profit increased by an impressive 27.7 per cent to SAR106m from SAR83m in the same period a year ago. Source: Middle East and Africa News |
Dalmia Cement to acquire Assam-based company, India16 January 2012, Published under Cement NewsIndian cement producer Dalmia Cement is to acquire a 50 per cent stake in Assam-based Calcom Cement India. Calcom is a joint venture between Vinay Cement (69 per cent stake) and Assam Industrial Development Corp (10.5 per cent) with a 20 per cent share held by DEG and FMO of the Netherlands. Calcom operates a 1Mta clinker line and 1.72Mta grinding unit in Assam, northeast India. |
Exane BNP downgrades HeidelbergCement13 January 2012, Published under Cement NewsExane BNP Paribas has downgraded HeidelbergCements rating to “underperform” from “neutral” but raised the price target to EUR32.00 from EUR30.00. Exane analyst, Paul Roger, reduced his expectations as the result from a survery provided a negative outlook for the European region and leading indicators were weak. Europe generates about one-third of HeidelbergCement’s buisness. US infrastructure expenditure and higher financing costs are also likely to impact HeidelbergCement’s net profit... |
Ciments Francais seeks to keep Sibstem advance payment13 January 2012, Published under Cement NewsCiments Francais said it wants to keep a EUR50m advanced payment by SibCement for Turkish cement assets which the latter did not acquire, according to local press reports. Ciments Francaise filed a suite with the Supreme Arbitration Court on 20 December to recognise a ruling by the Istanbul Arbitration Court made on 7 December 2010. Under the ruling, the French company did not have to repay the advance payment to SibCement. In March 2008, Sibtsement announced that it would acquire Turk... |
Citigroup lowers target price for two Chinese producers13 January 2012, Published under Cement NewsCitigroup has lowered its target price for Anhui Conch and China Resources Cement. Conch’s target price has been lowered to HK$37.5 from HK$28.2 and maintained its buy call. The research house expects a price cut of CNY20-30/t and a cost hike of abut CNY10/t as lower utilisation drives fixed costs up. Meanwhile, the target price for China Resources Cement has been cut to HK$5.53 from HK$5.88 and maintained its ‘neutral’ rating. The house noted that management sounds comfortable on demand... |
Cementos Portland announces two board members, Spain13 January 2012, Published under Cement NewsSpanish cement producer Cementos Portland Valderrivas has approved the nominations of Juan Bejar and Jose Manuel Burgos as board members. They will replace Rafael Martinez-Ynzenga Canovas del Castillo and Feliciano Fuster. Juan Bejar currently occupies the post of executive chairman at domestic motorway operator Globalvia. Jose Manuel Burgos, in turn, is a vice-chairman at real estate firm GMP. |
Goldman Sachs downgrades Taiwan Cement target price12 January 2012, Published under Cement NewsThe target price for Taiwan’s leading producers, Taiwan Cement Company International (TCC) has been lowered by Goldman Sachs from HK$4.51 to HK$4.27. It has maintained its “buy” rating on the producer. The house has downgraded its earnings estimates across the Taiwan cement sector by an average of six per cent due to weaker China cement prices as sluggish demand has ensued following the government tightening measures. Goldman Sachs believes the next few months will be critical for Taiw... |
Xinjiang Tianshan public issue to fund six projects, China12 January 2012, Published under Cement NewsXinjiang Tianshan Cement Co, based in Northwestern China’s Xinjiang Uygar Autonomous region, plans to raise up to CNY2.8bn (US$443m) through a public offering to fund six projects. The company plans to issue up to 120m new shares at a price of CNY20.64/share. Some CNY2.48bn from the offering will be used to construct five cement productions lines and one grinding facility in Xinjiang. These new investments will bring Xinjiang Tianshan Cement’s total number of lines to 16. Total capaci... |