Cement News tagged under: corporate
Lafarge joint-venture wraps up sale of offshore bonds, China16 November 2011, Published under Cement NewsLafarge Shui On Cement Ltd, a joint venture between Lafarge and SOCAM Development Limited, said on Tuesday it has wrapped up sales of CNY1.5bn (US$237m) of offshore CNY bonds. The yuan-denominated notes, which were issued in Hong Kong on Nov 9, have instantly attracted investors from Hong Kong, Chinese mainland and other parts of Asia, according to a statement of the company. "I believe that this operation will further strengthen our financial structure," said Sang Kang, Chief Executive Of... |
Delhi HC clears Ambuja Cements’ merger with Holcim India16 November 2011, Published under Cement NewsThe Delhi High Court has cleared the merger of Ambuja Cement India Pvt Ltd with Holcim (India) Pvt Ltd. A Bench of M Justice P.K. Bhasin reportedly said that both the firms have fulfilled all legal requirements including holding of the meetings of different stakeholders. "Sanction is hereby granted to the scheme of amalgamation of the Transferor Company (Ambuja Cement) with the transferee company (Holcim),” Justice Bhasin reportedly said. |
Kenya’s Portland Cement cuts exposure to FX losses16 November 2011, Published under Cement NewsEast African Portland Cement has converted part of a yen-denominated loan into dollars to reduce its exposure to foreign exchange losses following a surge in the Japanese currency, a newspaper reported on Tuesday. Portland’s earnings have been hurt for three straight years by huge foreign exchange losses, after the global financial crisis of 2008 sent the yen on a sharp ascent. Business Daily quoted Portland’s Managing Director, Kephar Tande, as saying the firm swapped a quarter of its KES... |
JP Associates to demerge Gujarat, AP cement plants15 November 2011, Published under Cement NewsThe Jaypee Group’s cement company, Jaiprakash Associates, approved demerger of its Andhra Pradesh and Gujarat units and merge them into its wholly-owned subsidiary Jaypee Cement Corp that is building a 3Mta plant in Karnataka. The move is being seen as a prelude to the group’s plan to sell a stake in its cement business. The Japyee Cement Corp will have a capacity of 8.5Mta and plants in three important states of Andhra Pradesh, Gujarat and Karnataka, reports the Economic Times of India. |
India Cement reports quarterly profit14 November 2011, Published under Cement NewsIndia Cement has posted net profit of INR697.1m for the quarter ended September 30, 2011 as compared to net loss of INR336.3m for the quarter ended September 30, 2010. Total income has increased 29.51% from INR8428.4m for the quarter ended September 30, 2010 to INR10,916m for the quarter ended September 30, 2011. |
Fitch Affirms HeidelbergCement at ’BB+’; Outlook Stable14 November 2011, Published under Cement NewsFitch Ratings has affirmed HeidelbergCement’s Long-term Issuer Default Rating (IDR) at ’BB+’ and Short-term IDR at ’B’. The Outlook on the Long-term IDR is Stable. Simultaneously, the agency affirmed the senior unsecured rating of HC’s related entities, HeidelbergCement Finance BV, Hanson Ltd and Hanson Australia Funding Ltd. at ’BB+’. The affirmation and Stable Outlook reflect the company’s good performance in 9M11, with a solid top-line increase (+8.4% in 9M11) and a progression of EBITD... |
Taiheiyo Cement reverses quarterly loss14 November 2011, Published under Cement NewsTaiheiyo Cement Corp released better-than-expected earnings for the April-September period. Operating profit came in at JPY5.7bn and pretax profit at JPY1.1bn, reversing losses in the year-ago period. Domestic sales of cement rose more than expected, raising profits beyond earlier estimates. The company posted a net loss of JPY3.3bn for the half year, but that was a big improvement on a net loss of JPY13.1bn a year ago. |
Sean Quinn declares himself bankrupt, Ireland14 November 2011, Published under Cement NewsIreland’s richest man, has declared himself bankrupt in a Belfast court over nearly EUR3bn of debts to the former Anglo-Irish Bank. The entrepreneur’s multi-billion empire collapsed over the last two years on the back of massive and secret stock market gambles on the share price of the now nationalised rogue lender. But the bank, rebranded as the Irish Bank Resolution Corporation (IBRC), warned that Mr Quinn and his family owe the Irish state EUR2.9bn and challenged his claim of UK residen... |
Shree Cement net profit rises, India11 November 2011, Published under Cement NewsShree Cement Thursday registered a nearly three-fold rise in net profit to INR38.49 crore (US$7.7m) for the second quarter of the current fiscal. The cement-maker had clocked a INR10.53 crore net profit in the corresponding quarter last fiscal year, it said in a filing to the BSE. Net sales of the company rose to INR854.64 crore during the reporting quarter from INR717.59 crore a year ago. Cement business contributed INR848 crore to the company’s top-line and the power segment INR80 crore... |
Youngor invests in Huaxin private placement, China11 November 2011, Published under Cement NewsYoungor Group Co Ltd said on November 11th that its wholly-owned investment subsidiary spent CNY400m buying shares issued by Huaxin Cement Co Ltd in a private placement. The subsidiary purchased 28.59 million shares in Huaxin Cement at RMB 14.01 apiece. The shares bought account for 3.06% of Huaxin Cement’s enlarged share capital. The Youngor Group is principally engaged in the production of apparel and knitted products as well as property development. |