Cement News tagged under: corporate
Votorantim, Camargo said to be in talks to buy rest of Cimpor20 October 2011, Published under Cement NewsBrazilian holding companies Votorantim Participacoes SA and Camargo Correa SA are in talks to buy a remaining stake in Cimpor-Cimentos de Portugal SGPS SA, Bloomberg reports. Camargo plans to take over Cimpor’s operations in Brazil, while Votorantim would consolidate assets of the Lisbon-based company outside of Brazil, said negotiators. The Sao Paulo-based companies already own about 54% of Cimpor. The value of the remaining stake is about €1.5bn (US$2.1bn) based on Cimpor’s 19 October clo... |
Nigeria: Lafarge Cement WAPCO raises NGN11.8bn bond successfully19 October 2011, Published under Cement NewsLafarge Cement WAPCO Nigeria plc has successfully raised a total sum of NGN11.8bn (US$113m) bond at a fixed interest rate of 11.5 per cent, in an issuance completed under the company’s NGN50bn Bond Issuance Programme. This was disclosed at the company’s completion board meeting in Lagos recently. The first series of the bond issuance programme, which is a three-year fixed rate (2011-14) Bond, was offered to subscribers by way of a Book Build which was brought to a close on 7 October 2011. P... |
Mexico: Cemex waits settlement for cement assets nationalised in Venezuela19 October 2011, Published under Cement NewsThe Venezuelan government expects to ink in an agreement with Cemex, in the next weeks, whose Venezuelan assets were nationalised in 2008. The Venezuelan Ambassador to Mexico, Trino Alcides Diaz, said President Hugo Chavez’s illness has delayed the government agenda a little, and dismissed misunderstandings with Cemex, as in 2008 most of the cement assets in Venezuela went to the government control and due indemnification was settled. Cemex claims US$1.2bn as payments while Venezuela is... |
Saudi Al Jouf Cement’s net profit almost triples19 October 2011, Published under Cement NewsSaudi Arabia’s Al Jouf Cement Co said its third-quarter net profit surged to SAR14.4m (US$3.8m), compared with SAR5m a year earlier, on higher sales and output. Earnings per share for the first nine months of the year came in at SAR0.53, compared with losses per share of SAR0.02 a year earlier, it said in a statement posted on the Saudi bourse website. The company, which started trading on the kingdom’s bourse in August last year, said its third-quarter operating profit stood at SAR16.6m, ... |
Italcementi Finance: commercial paper program up to EUR800m18 October 2011, Published under Cement NewsItalcementi Finance SA, the French company acting as Group’s treasury vehicle, has received the approval by the Banque de France for the issuance of Commercial Paper under a program for a maximum amount equal to EUR800m. The program is unconditionally guaranteed by Italcementi SpA and rated P-3 by Moody’s and A3 by Standard & Poor’s. The Program is part of the ongoing funding centralisation and optimisation activities and will provide an additional source of short-term funding for th... |
Jiangxi Wannianqing to issue CNY400m bills17 October 2011, Published under Cement NewsJiangxi Wannianqing Cement Co Ltd, has said that it will issue CNY400m (US$62.8m) worth of short-term bills with a maturity of 365 days on 21 October. The company said in a statement that the bills will be issued at face value, and the coupon rate is to be determined during the process of book building. Both value date and payment due date is 24 October , and the to-be-issued bills tradable on 25 October. Dagong Global Credit Rating Co Ltd has rated the issuer and bills A+ and A-1, resp... |
Hail Cement Company IPO successfully completed, Saudi Arabia17 October 2011, Published under Cement NewsShares of Hail Cement Company were traded on the Saudi Stock Exchange for the first time on Sunday, completing a US$130.5m IPO dating back to September 26. The share finished as a top gainer and closed at SR12.60. Hail is the 10th cement company listed on the Tadawul bourse in Riyadh. |
UltraTech, Century Textiles deny merger talks, India17 October 2011, Published under Cement NewsUltraTech Cement Ltd and Century Textiles and Industries Ltd have denied media reports that the latter plans to merge its cement business with the former. In separate notices to the stock exchanges, the companies called the news speculative. "The news item is not correct and as of now, there is no such proposal," Century Textiles said. Business Standard earlier had reported, quoting sources, that the two companies have started the merger process but the deal would be inked in a few mon... |
Arabian Cement net profit beats expectations, Saudi Arabia17 October 2011, Published under Cement NewsArabian Cement posted a 3Q11 net profit rise of 28.4 per cent to SAR104.9m, exceeding estimates by Global Investment House (GIH) by seven per cent. The strong performance was not surprising, notes GIH, given a strong increase of 29.5% in cement dispatches to 0.91Mtin 3Q11. The company cited increase in sales and production from its Rabigh plant as the major reason behind the surge in profitability on a YoY basis. However, it has incurred losses on its operation of the Qatranah cement plant... |
Sinoma Cement Co to issue notes, China14 October 2011, Published under Cement NewsChina Sinoma Cement Co, a wholly-owned subsidiary of China National Materials Co Ltd, will issue CNY500m (US$78.4m) worth of five-year notes on the interbank market on 19 October. Proceeds from the issue will be used to repay bank loans and replenish working capital, said the issuer. China CITIC Bank Corp has been assigned as the lead underwriter. This will be the issuer’s first medium-term note this year. Source: China Knowledge Press |