Cement News tagged under: corporate
Yamama Saudi plans 50% capital hike09 January 2012, Published under Cement NewsSaudi’s Yamama Saudi Cement Company plans to increase its capital by 50% through a bonus share issue, the firm said in a bourse statement. The firm will increase its capital to SAR2.025bn (US$540m) from SAR1.35bn, the statement said on Sunday. ’The Capital Market Authority (approved) Yamama Saudi Cement’s request to increase its capital from SAR1.35bn to SAR2.025bn through issuing one bonus share for every two existing shares,’ it said. ’Such increase will be paid by transferring an amoun... |
Suspended Portland board fires acting MD, Kenya06 January 2012, Published under Cement NewsSuspended East African Portland Cement board yesterday fired acting managing director, Peter Korir, a day after it emerged from the Attorney General’s office that the company cannot be classified as a state corporation. Through an email letter sent to the management of the company through Daly-Figgis and Company Advocates dated January 3rd 2012, the suspended board dismissed Korir with immediate effect. The letter, which was signed by the suspended chairman Mark ole Karbalo, asked Korir to... |
Tokyo Cement ‘A’ long term rating confirmed, Sri Lanka06 January 2012, Published under Cement NewsRam Ratings has confirmed an ’A’ long term rating of Sri Lanka’s Tokyo Cement Plc on its market share and healthy balance sheet but said the industry was cyclical and the firm was not able to immediately pass on costs. Tokyo Cement has grinding plants and shares half the market with local cement group with the balance 50 per cent split among importers, the rating agency said. |
Turkey’s Nuh Cimento grew 20% in 201105 January 2012, Published under Cement NewsNuh Cimento Sanayi AS, parent company of Turkey’s largest cement maker, grew 20 per cent in 2011 after its best December ever, Dunya reported, citing Chairman Atalay Sahinoglu. Revenue from energy and cement sales last year exceeded $1 billion, Dunya said. The company invested US$55.5m in technology and energy efficiency and plans to expand clinker production by 50 per cent, Sahinoglu also told the newspaper. Nuh Cimento plans to focus on exports, including Brazil, Africa and Russia, a... |
Industry appointment – Lafarge WAPCO announces new CEO05 January 2012, Published under Cement NewsLafarge Cement Wapco Nigeria Plc (WAPCO) named Joseph Hudson as chief executive officer following the resignation of Samy Abdelkader. The company commented in a statement published on the website of the Nigerian Stock Exchange dated yesterday. Wapco started output from a new production line at its factory at Ewekoro in southwestern Nigeria in September. The new facility would double the company’s output to about 4.5Mta |
Texas Industries widens 2Q loss?05 January 2012, Published under Cement NewsTexas Industries Inc’s (TXI) fiscal second-quarter loss widened as margins slumped despite recent cost-cutting efforts. For the quarter ended November 30, Texas Industries posted a loss of US$21m, or 75 cents a share, compared with a year-earlier loss of US$11.2m, or 40 cents a share. Restructuring-related charges and the absence of a tax-related benefit added 11 cents and 30 cents, respectively, to the per-share losses. Net sales rose 5.4% to US$156.1m. "While the general economy is sho... |
EAPC issued with deadline to clarify board changes, Kenya04 January 2012, Published under Cement NewsCapital Market Authority has issued East African Portland Cement (EAPC) with a notice requiring the cement maker to respond to more than five offenses arising from the acrimonious change of management two weeks ago. In a letter dated December 30 and addressed to the acting managing director Mr Peter Korir, the cement maker has seven days to respond to the authority letter. CMA action follows the move by acting Minister for Industrialisation, Amason Kingi, to suspend Eapcc board of director... |
RAK Cement general manager resigns, UAE04 January 2012, Published under Cement NewsUAE-based Ras Al Khaimah Cement Co said yesterday that Mike Richardson had submitted his resignation as general manager, effective March 31. The company said that there were personal reasons behind the resignation. |
Saudi Yamama Cement 2011 net profit rises 13%04 January 2012, Published under Cement NewsSaudi cement producer Yamama Cement Company said yesterday it registered a 13% YoY rise in its net profit for 2011 to SAR740m (US$197.3m) from SAR657m a year ago. For the fourth quarter of 2011, the company booked a net profit of SAR191m, an increase of 19% on the year. The strong increase was attributed to a rise in sales as a result of more efficient production and marketing, The earnings per share (EPS) stood at SAR5.48 in 2011, up from SAR4.87 in 2010. The gross profit rose to SAR809m... |
CRH spent €407m of expansion in 2H1104 January 2012, Published under Cement NewsCRH’s second half development expenditure amounted to €407m, of which €223m was spent in Europe and by a Chinese associate and €184m in the Americas, essentially in the United States. CRH also received approximately €21m from the sale of its Premier Periclase sea-water magnesia business. The biggest deal in the period was the acquisition of the VVM cement business in Belgium, which cost CRH in the order of €100m and added two grinding centres and two batching plants. In Finland, three batc... |