Cement News tagged under: corporate
Holcim passes the 50% mark on ACC and Ambuja, India04 May 2011, Published under Cement NewsHolcim has raised its stake in Indian cement companies ACC and Ambuja Cements above 50%. Holcim spokesman Peter Gysel said the company increased its stake to 50.1% in ACC and 50.01% in Ambuja Cements through open-market purchases last week. ACC and Ambuja are among India’s largest cement companies by sales. Holcim has upped its stake in ACC to 50.1% from 49.3% after it bought 1.5 million shares and to 50.002% in Ambuja Cement from 46.4% following the purchase of 54.5 million shares, analyst... |
Sean Quinn and family removed from Quinn Group role04 May 2011, Published under Cement NewsIrish entrepreneur Sean Quinn - once said to be Ireland’s richest man - has released a statement speaking of his upset at the decision by Anglo Irish Bank to strip him of control of the Quinn Group last week – saying that, given time, he would have been able to save the business which includes the Quinn Cement operations. Now assets owned by Quinn and his family have been passed over to a receiver by the now government-controlled Anglo Irish bank. Sean Quinn was unable to repay €2.8bn of lo... |
Goldman downgrades Jaiprakesh Associates to neutral03 May 2011, Published under Cement NewsGoldman Sachs has downgraded Jaiprakesh Associates to ’neutral’ from ’buy’ and removed the stock from the Wall Street bank’s "Asia Pacific buy list" as it sees limited potential for positive surprise as high debt levels remain a concern on earnings. "Although next quarter earnings should improve on a sequential basis driven by better cement realizations, higher interest outflow and delays being seen in commissioning power and road assets may weigh the stock down, in our view," it said in a... |
Century Plyboards plans to raise US$50m03 May 2011, Published under Cement NewsCentury Plyboards plans to raise US$50m via external commercial borrowings (ECBs) at five per cent interest. Sources say that money raised via ECBs would be utilised for expanding cement capacity. Century Plyboard aims to increase its cement capacity from 1.2Mta to 3.2Mta. The money would be raised in tranches and as per requirements over the next few quarters. Company has already got arrangements in place with Allahabad bank and Bank Of Baroda for raising ECBs. |
Cemex appoints new UK President02 May 2011, Published under Cement NewsCemex has appointed Jesus Gonzalez as the new UK president with immediate effect. Mr Gonzalez comes to the UK from Panama, where he was President for Cemex in Central America, covering operations in Costa Rica, Guatemala, Nicaragua, El Salvador and Panama. |
Al-Rajhi Cement issues local debt finance02 May 2011, Published under Cement NewsThe issuance by Al-Rajhi Cement Jordan of its debut Sukuk (a local denominated bond) in late April 2011 opens up yet another new market for sukuk origination in the Middle East and North Africa. The domestic JD85m (about US$119m) corporate sukuk offering, while symbolically important and widely welcomed by the market, however betrays a dogged refusal by successive Jordanian governments of issuing debut sovereign debt. The Al-Rajhi Cement sukuk, which was managed by Capital Investments, the ... |
Cement majors benefit from milder European winter02 May 2011, Published under Cement NewsQ1 2011 results have benefitted from the milder weather in Europe, particularly in Central and Eastern Europe. Conversely, margins have been under downward pressure, due to higher energy costs, with offsetting price increases typically not being implemented until April. Analysts at Jeffries note that Q1 11 EBITDA forecast for Holcim is nine per cent below consensus, reflecting the negative impact of the stronger Swiss Franc and the decline in the Indian contribution. The major European he... |
Indocement reports strong first quarter profit02 May 2011, Published under Cement NewsPT Indocement Tunggal Prakarsa said its first-quarter net profit rose to IDR868bn (US$101 million) from IDR787bn a year earlier on higher sales. The company’s revenue rose 15% to IDR2.94trn at the end of March, from IDR2.55trn a year earlier. |
Holcim increases stake in Ambuja; delisting possible02 May 2011, Published under Cement NewsHolcim Ltd (Switzerland) has increased its stake in Ambuja Cements to 50.0% by buying depository receipts representing 3.56% stake in the company from the open market, according to a notification on the Bombay Stock Exchange. The transaction was carried out on April 29 by Holpac Ltd, acting in concert for Holcim Ltd, Holdring Investments Ltd, Holcim Particiapations (Mauritius) Ltd, Ambuja Cement India Pvt Ltd, Holcim (India) Pvt Ltd and Holderfin B.V. Holcim now holds 45.44% in Ambuja Cemen... |
Semen Gresik 1Q11 profits rise 9% YoY02 May 2011, Published under Cement NewsIndonesian cement producer Semen Gresik said its first quarter net profit rose 9% to IDR884bn ($103m) from IDR811bn a year earlier on higher sales. Revenue was IDR3.55trn, up from IDR3.25trn a year earlier. Its operating income stood at IDR1.06trn from IDR1.01trn a year earlier, the company said in an exchange announcement. |