Cement News tagged under: corporate
Trinidad Cement sees third consecutive quarterly loss27 June 2011, Published under Cement NewsTrinidad Cement Limited (TCL) reported a loss per share of $0.09 for the 1Q ended March 31, 2011, representing its third consecutive quarterly loss. TCL’s revenue during the first three months of 2011 contracted 11.0 per cent compared to last year moving from US$425.5m to US$378.6m as revenue from most of its segments experienced declines. Revenue from TCL’s cement segment was down 9.2 per cent YoY to $345.9m. The Group reported an operating loss of $5.3m for the 1Q versus an operating pro... |
Daiwa cuts West China Cement target27 June 2011, Published under Cement NewsDaiwa cuts its target for West China Cement to HK$3.25 from HK$3.45, after it cuts its 2011 and 2012 EPS forecasts by 7% and 6% respectively, mainly to reflect weaker profit margins in Shaanxi; it says competition in the province seems to be intensifying. "We reiterate our positive view of the sector and recommend stocks that we think have stronger earnings growth potential and better geographical exposure than WCC." |
Cementos Lima share swap?, Peru27 June 2011, Published under Cement NewsCementos Lima on Tuesday launches a tender offer of investment shares for common shares entitled to vote, which ends on August 11. Cementos Lima has 97,787,186 investment shares, according to the 2010 annual report sent to the National Supervisory Commission for Companies and Securities (Conasev). The exchange ratio is one share of common investment. That is, a 1:1 swap ratio, according to the prospectus. The share price of investment is S /. 1, set by valorisation body Enfoca. |
Cemex scraps US$650m overseas bond sale as yields soar24 June 2011, Published under Cement NewsCemex has scrapped a US$650m bond offering today as Europe’s debt crisis eroded demand for higher-yielding debt and undermined the company’s efforts to refinance bank loans. The company pulled the sale of eight-year bonds because of “volatility” in global markets, said Jorge Perez, a spokesman for the company. The yield on Cemex’s benchmark dollar bonds due in 2020 jumped 40 basis points, or 0.40 percentage point, to 9.74 per cent at 5pm. New York time, the highest since October. The extra... |
Asia Cement’s China unit likely to grow in 2Q24 June 2011, Published under Cement NewsCredit Suisse keeps Asia Cement at Outperform and retains its NT$48.40 (US$1.6) target price. The house says it expects a 60% profit growth in the company’s China operation in 2Q as it plans to expand its total capacity in China and Taiwan to 50Mt in 2015 from the current 27Mt. The company is in talks to purchase four additional kilns in Hebei with a capacity of 10Mta and it also aims to build its fifth and sixth kiln in Jiangxi by the end of 2012 and 2013, respectively on local government... |
FCC boosts stake in Cementos Portland to 69.78%24 June 2011, Published under Cement NewsSpanish construction major FCC has increased its stake in cement subsidiary Cementos Portland Valderrivas to 69.78%, after investing EUR146,200, according to data of the Spanish stock market regulator CNMV. FCC has recently bought some 11,370 shares of Cementos Portland, at a price of between EUR12.73 and EUR13.04 apiece. This transaction adds to a EUR170,000 investment in Cementos Portland’s stock which FCC made earlier this month. Since the beginning of 2010, FCC has been periodically p... |
Trinidad Cement Company close to a deal with creditors24 June 2011, Published under Cement NewsTrinidad Cement Company is "close" to an agreement with its major creditors that its latest disclosures suggest will allow the group eight years to pay its debt but also appears to impose a new level of austerity on the regional operation that denies it use of excess cash. The restructuring plan will cost TCL in higher interest rates beyond the current band of 6-9.7 per cent last disclosed over a year ago in annual financial reporting by the cement maker, as well as an unspecified "consent ... |
West China Cement in new joint venture23 June 2011, Published under Cement NewsWest China Cement said its indirect wholly- owned subsidiary Yaobai Special Cement Group and Shaanxi Yangshanzhuang Cement Company entered into a joint venture agreement to establish a joint venture to engage in the production and sale of cement in China. The JV will own and operate the cement production line employed by New Suspension Preheater technology, with a clinker production capacity of 3500tpd of clinker. Yaobai has agreed to inject CNY530m and Yangshanzhuang Cement has agreed to ... |
Saudi Cement Co to pay US$0.53/share dividend23 June 2011, Published under Cement NewsThe management board of Saudi cement producer Saudi Cement Company (SCC) approved at a meeting yesterday a dividend of SAR2/share (US$0.53), or a total SAR306m payout, for the first half of 2011. The dividend, representing 20% of the company’s paid-up capital, will be paid to shareholders of record at the close of business on July 6. The cement producer registered a 19.4% YoY rise in its net profit for the first quarter of 2011, to SAR210.8m from SAR176.6m a year ago. |
Fitch Rates Cemex’s proposed notes due 2019 ’B+/RR3’23 June 2011, Published under Cement NewsFitch Ratings has assigned a ’B+/RR3’ rating to Cemex’s proposed note issuance due in 2019. Proceeds from the notes are expected to be used for general corporate purposes, including the repayment of debt. The notes will be unconditionally guaranteed by Cemex Mexico, New Sunward Holding BV, and Cemex Espana, S.A. and will be secured with a first priority interest over a collateral package consisting of substantially all of the shares of Cemex Mexico, Centro Distribuidor de Cemento, Mexcement... |