Cement News tagged under: corporate
Fitch lowers West China outlook29 November 2011, Published under Cement NewsFitch lowered on Friday to "negative" from "stable" the outlook on Chinese cement manufacturer West China Cement Ltd (WCC), while affirming its long-term foreign currency issuer default rating (IDR) and senior unsecured debt at BB. The outlook revision has been triggered by the ongoing price war in Shaanxi province kindled by decreasing demand and growing raw material prices, which has eroded WCC’s margins, Fitch explained. Furthermore, the company embarked on an aggressive capacity expans... |
Jidong Development Group to issue bills, China29 November 2011, Published under Cement NewsJidong Development Group Co Ltd, the parent company of Shenzhen-listed Tangshan Jidong Cement Co Ltd has announced plans to issue CNY270m (US$42.3m) worth of 366-day unsecured bills on the interbank market on 1 December. The coupon rate will be determined in the process of book-building. Both value date and payment due date is Dec. 5, and the to-be-issued bills tradable on Dec. 6. Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer. Chi... |
China Tianrui Group Cement mulls IPO29 November 2011, Published under Cement NewsChina Tianrui Group Cement Co, in which US private equity firm Kohlberg Kravis Roberts & Co has a minority stake, has started gauging investor interest by premarketing a Hong Kong IPO that could raise US$300m-US$500m, according to a term sheet. KKR invested US$115m in Tianrui Group in 2007 before the financial crisis. The Henan-based cement producer plans to begin taking orders from investors in a roadshow starting 13 December and is scheduled to list shares in Hong Kong 23 December. |
Life Insurance Corp sells stake in ACC, India28 November 2011, Published under Cement NewsIndian cement maker ACC Ltd on Tuesday said Life Insurance Corporation of India has sold 3.78 million shares or 2.017 per cent stake in the company for around INR989 crore (US$189.5m) through open market transactions. In a regulatory filing to the Bombay Stock Exchange, ACC said following the transaction, the state-run insurer now holds 10.786 per cent stake in the firm. LIC sold the shares over a period of five months, starting from 2 June this year. |
Gresik eyes 10% rise in income in 201228 November 2011, Published under Cement NewsIndonesia’s largest cement producer PT Semen Gresik said it hopes to post a 10 per cent growth in income to IDR16.5trn (US$1.85bn) next year from this year’s target of IDR15trn. Last year Semen Gresik recorded income at IDR14trn. Dwi Soetjipto, the president of the state company, said net profit may be around 8 per cent-10 per cent of total income this year and next year. In the first nine months of the year, the company already recorded Rp11.5 trillion in income or 76.6 per cent of the t... |
Cemex disputes tax claim28 November 2011, Published under Cement NewsCemex said on Friday it would file a legal challenge to dispute a tax bill of US$142m authorities say the company owes from 2004. Cemex , one of the world’s biggest cement makers, said in a statement it had been notified by Mexican authorities it owed the money for income generated by the foreign investments of two of its subsidiaries. "If (the challenge) is resolved unfavorably after all legal options have been taken, these tax credits could have an adverse effect on Cemex’s cash flow, fi... |
Nigeria: Lafarge Cement WAPCO raises NGN11.8bn bond24 November 2011, Published under Cement NewsLafarge Cement WAPCO Nigeria plc raised a sum of NGN11.8bn (US$74m) bond at a fixed interest rate of 11.5%. This is part of the company’s NGN50bn Bond Issuance Programme. The first series of the programme, which is a three-year fixed rate (2011-14) bond, was offered to subscribers by way of a Book Build. Proceeds from the issue is to be used to re-finance part of the company’s existing variable interest rate loan facilities on the Lakatabu expansion project. The bond was rated A+ by Agu... |
Lafarge Pakistan reports loss in 3Q1124 November 2011, Published under Cement NewsLafarge Pakistan Cement Ltd (LPCL) has incurred a PKR328.44m (US$3.75m) loss after taxation of during January-September 2011 against loss of PKR1.045bn incurred in the corresponding period last year. Its net sales increased in Jan-Sept 2011 to PKR5.599bn from PKR5.039bn the previous year. The company’s distribution costs fell from PKR378.86m to PKR185.224m and its administrative expenses edged up YoY from PKR322.324m to PKR342.289m. LPCL also incurred a financing cost of PKR774.312m agains... |
India: GP Goenka sells Andhra Cements to Jaypee Group for INR235 crore (US$45m)23 November 2011, Published under Cement NewsGoenka group will sell its 32.95% promoter’s stake in Andhra Cements, out of the 45% that it held in the company. Jaypee Development Corp will also subscribe to an additional fresh issue of 14.75 crore shares through preferential allotment. These shares will take Jaypee’s stake in Andhra Cements to to 66.64%, Andhra Cements informed the exchanges. The preferential allotment will be at INR12 (US$0.23) a share of INR10 each. At this price, Jaypee Development Corp will have to fork out INR234... |
India: acquisition of 11.24% of Gharibwal Cement announcement by Silkbank Limited22 November 2011, Published under Cement NewsThe Silkbank Ltd has entered into a debt-equity swap transaction with the Sponsors of Gharibwal Cement Ltd GCL), whereby the bank has acquired 45m shares (11.24%) of GCL. |