Cement News tagged under: corporate
Shanshui, building material stocks fall on tightening concerns23 August 2011, Published under Cement NewsChina Shanshui Cement Group fell in Hong Kong trading, leading other construction companies lower, on concern the Chinese government will further tighten monetary policy, crimping building demand. Shanshui Cement Group, a Shandong-based cement and clinker producer, dropped 10.9 per cent to HK$6.50, the lowest in almost five months. China State Construction International Holdings Ltd fell 10.4 per cent and China National Building Material Co declined 4.3 per cent.. |
China National Buidling Materials to sell four companies23 August 2011, Published under Cement NewsChina National Building Material intends to sell four cement companies, reports the China Business News. The company will sell 51 per cent stakes in Shaoxing Southern Cement, Zhuji Southern Cement, Deqing Jiayuan Southern Cement and Haining Sanshi Cement for a total of CNY111m (US$17.3m). A slumping cement price in Zhejiang province spurred China National Building to begin a cement asset acquisition in Zhejiang at the end of 2006. The current selling targets were acquired by the company aft... |
East Africa Portland Cement seeks capital, Kenya22 August 2011, Published under Cement NewsKenya’s East African Portland Cement is concerned rising production costs will shrink profit this year as it seeks to raise capital through a bond or rights issue for expansion into Uganda, its head said on Friday. "We will probably be thinking of a rights issue for the new large factories we want ... probably next year," Kepha Tande, managing director of East African Portland (EAPCC), told Reuters in an interview. He added a bond issue was another option, but declined to say how much the ... |
GCC sells stake in Bolivia’s Soboce22 August 2011, Published under Cement NewsGrupo Cementos de Chihuahua (GCC) said it had finalized the sale of its 47 per cent stake in Bolivian peer Sociedad Boliviana de Cementos (Soboce) to a unit of Peru’s Grupo Gloria. In a statement on its website, GCC said on Friday its holding in Bolivia’s top cement maker would go to Consorcio Cementero del Sur, SA, a subsidiary of the agroindustrial Grupo Gloria. It gave no details of the price. "Proceeds from the transaction will be used primarily for debt reduction, in line with the com... |
Siam Cement to issue bonds, Thailand22 August 2011, Published under Cement NewsSiam Cement said Monday its board has approved a plan to issue up to THB10bn (US$335.3m) worth of four-year bonds. Proceeds from offering will be used to refinance bonds which mature on November 1, it said in a filing to the Stock Exchange of Thailand. The subscription period is scheduled between October 3 and October 31, it said, adding that the bond will be sold to the company’s existing bond holders and the public. Following the issuance, Siam Cement’s outstanding bonds will be no more... |
Mozambique’s Grupo Insitec to keep small stake in Cimentos de Nacala22 August 2011, Published under Cement NewsMozambican group Insitec will own one per cent of Cimentos de Moçambique, a subsidiary of Cimpor, the chief executive of the Portuguese group, Francisco de Lacerda, said Wednesday in Lisbon. Insitec’s taking a share in the Cimpor subsidiary in Mozambique is part of a wider operation that included the agreement between the two sides in which Cimpor would acquire the remaining 49 per cent of Cimentos de Nacala (Cinac), still owned by Insitec and would then own the entirety of the cement mill.... |
Saudi Yanbu Cement 1H net profit rises19 August 2011, Published under Cement NewsSaudi cement producer Yanbu Cement Co (YCC) said its net profit for the first half of 2011 rose 6.1% YoY to SAR251m (US$66.9m). Earnings per share (EPS) stood at SAR 0.96, down from SAR 1.17. For the second quarter of 2011, YCC registered a 32.2% YoY surge in net profit to SAR149.9m. |
FLSmidth 2Q dented by Libyan unrest19 August 2011, Published under Cement NewsFLSmidth kept its full-year guidance unchanged when reporting a surprise drop in second-quarter profit, hit by unrest in North Africa. Earnings before interest and tax (EBIT) fell 15 per cent to DKK404m (US$78m) in April-June. FLSmidth said unrest in North Africa had put a dampener on investment in the region, hitting its Cement division’s orders in the first half. "For the same reason, the progress of ongoing projects in Egypt, Tunisia and Libya is delayed," it said. Revenues in FLSm... |
TPI Polene significant rise in net profit, Thailand19 August 2011, Published under Cement NewsThai conglomerate, TPI Polene (TPIPL), reported a 2Q11 net profit of THB1.7bn, +405% YoY and +67% QoQ. This is far above estimates by SCB Securities and a market consensus of THB1-1.1bn, mainly due to: 1) higher-than-expected core earnings from both cement and petrochemical units; 2) slightly higher-than-expected extra gains from the debt repurchase of Bt570mn (vs. SCB’s estimate of THB500mn). Stripping out extra gains of THB590m (gains from debt repurchase of THB570mn and FX gains of THB2... |
Adelaide Brighton net profit down 10.6%18 August 2011, Published under Cement NewsAdelaide Brighton reported a 10.6 per cent decline in fiscal first-half net profit to A$61.5m from A$68.8m a year earlier. The result was in line with company guidance. Revenue fell 2.2 per cent in the period ended June 30 to A$507.9m from $519.4m previously as demand from the mining sector helped offset weaker residential activity. Revenue was also affected by lower sales of cement to a major customer in Western Australia and the temporary suspension of operations by a major lime customer... |