Cement News tagged under: corporate
Votorantim and Daewoo eye Gallardo assets05 October 2011, Published under Cement NewsBrazil’s Votorantim and South Korea-based Daewoo are interested in acquiring the cement and steel assets of Grupo Industrial Gallardo. The new potential buyers in particular have set their sights on Balboa Cement in Alconera, the German steel business Stahlwerk Thuringen and newsprint producer Papresa’s Guipuzcoa plant. The interest follows the break-up of negotiations between the Gallardo group and Brazil’s CSN on 16 September when the latter announced it would back down from the deal s... |
India: stocks ignoring oversupply issues - Citi04 October 2011, Published under Cement NewsCitigroup remains cautious on India’s cement sector, saying stocks are ignoring oversupply issues and are running ahead of near-term concerns. Cement majors have outperformed the benchmark index in the last six to 12 months, with the biggest out performance in the past three months, by 23%-29%, largely on an upturn in prices due to volume cutbacks by producers, the house says. However, prices are set to fall in light of slower demand growth with sluggish infrastructure spending and a surge... |
HeidelbergCement seen down on Cemex04 October 2011, Published under Cement NewsHeidelbergCement are indicated 2.4 per cent lower in pre-market trade as traders point to peer Cemex, whose shares drop to their lowest level in more than 12 years as investors dump its stock due to worries about its financial health. Trading in Cemex was halted on Monday afternoon as the share price closed in on a 15 per cent change threshold that automatically triggers suspension. Source: Reuters |
Cemex stock suspended04 October 2011, Published under Cement NewsTrading in Cemex’s shares was suspended after a sharp drop on Monday caused by investor concerns about the group’s future, the Financial Times reports. On the Mexican Stock Market, the cement manufacturer saw its shares lose 15%, hitting a 12-year trough of MXN 0.038. The sharp fall forced authorities to suspend trading while asks and bids caught up with the plunge. In New York, the group’s shares tumbled nearly 14%. The steep fall came amid growing concerns that the Mexican group will not... |
Goldman cuts TCC International target prices03 October 2011, Published under Cement NewsGoldman Sachs has lowered its target price for TCC International to HK$4.65 from HK$6.25, and maintained its "buy" rating. Given the likely macro/demand weakness, the research house expects utilisation reduction to support cement prices. Goldman believes the rapidly slowing property market is likely to translate into slower construction starts. It prefers Asia Cement for its higher exposure to Central/Western China versus TCC Int’l (100% of sales for ACC versus 62% for TCC Int’l in 2012) ... |
Schmidheiny plans to boost Holcim stake03 October 2011, Published under Cement NewsHolcim board member Thomas Schmidheiny said he plans to increase his stake in the Swiss cement maker to 20 per cent from 18 per cent, without specifying when, SonntagsZeitung reported, citing an interview. Schmidheiny said he’s “impressed” with the Swiss central bank’s ability to defend its franc ceiling of 1.20 versus the euro, the Zurich-based newspaper reported today. Switzerland’s tourism sector and export industries are “only fully competitive at an exchange rate of 1.40, however,” he... |
Anhui Conch Cement Co added to Index30 September 2011, Published under Cement NewsAnhui Conch Cement Co. Ltd of China will be added to the Dow Jones Construction & Materials Titans 30 Index, Dow Jones Indexes announced today. Anhui Conch Cement Co. Ltd will replace Fortune Brands, Inc. of the US in the Dow Jones Construction & Materials Titans 30 Index |
Qassim Cement net profit rises in 1H11, Saudi Cement30 September 2011, Published under Cement NewsSaudi cement producer Qassim Cement Co (QCC) said its net profit for the first half of 2011 rose 3.9% YoY to SAR291.8m (US$77.8m). Earnings per share (EPS) stood at SAR 3.24, up from SAR 3.12. The company attributed the increase to higher sales and better performance of subsidiaries, but did not give exact figures. For the second quarter of 2011, QCC booked a net profit of SAR144.7m, up from SAR135.7m in the same period last year. |
Paraguay: troubled INC reports major losses30 September 2011, Published under Cement NewsParaguay producer, Industria Nacional del Cemento (INC) reported a loss of PYG55.7bn last August, but the accumulated deficit now exceeds PYG1tn. The company, which for years has been in technical bankruptcy, must radically restructure in order to stay afloat, according to a report by local news agency, ABC. Details of the financial management of the state company reveal that total liabilities at INC exceed PYG450,000m, including long- and short-term debt. This situation is not new to the... |
Hail Cement IPO jumps above 130%, Saudi Arabia29 September 2011, Published under Cement NewsSaudi Arabia’s Hail Cement Co’s initial public offering of 50 per cent of its shares was more than 130 per cent oversubscribed by Monday morning – the IPO’s last day, Al-Riyadh daily reports Tuesday citing an executive. The share allocation will be announced next week and the reimbursement of surplus subscriptions will take place from October 2 to October 5, the paper said, citing Matar Al Zahrani, the cement company’s chief executive, who expected trading on his company’s shares to start i... |