Cement News tagged under: corporate
JK Lakshmi appoints new director, India24 January 2011, Published under Cement NewsJK Lakshmi Cement today said IDBI Bank’s executive director, RK Bansal, has been appointed as director on the company’s board. "... IDBI Bank has appointed Raj Kumar Bansal, Executive Director of IDBI, as its nominee Director on the Board of the company with effective of November 15, 2010...," J K Lakshmi Cement said in a filing with the Bombay Stock Exchange. Bansal joined to the Board after Pradip Roy ceased to be a director in JK Lakshmi Cement from November 15. |
Binani Ind to buy public stake in Binani Cement21 January 2011, Published under Cement NewsBinani Industries today said it will buy 30.1 per cent stake in its subsidiary Binani Cement from the public at INR82 per share (US$1.8) costing around INR465.55 crore. "The promoter/acquirer now seek to acquire the balance 5,67,75,318 crore equity shares of INR10 each representing 30.1 per cent of the paid-up equity share capital of the company from the public shareholders of Binani Cement," Binani Industries said in a statement to the Bombay Stock Exchange. Binani Industries holds ... |
Lafarge said to be drawing interest from gypsum unit20 January 2011, Published under Cement NewsLafarge SA drawing interest from buyout firms for its gypsum business, according to recent Bloomberg reports. Firms including TPG Capital, Carlyle Group LP and PAI Partners are preparing for a sale this year and may consider bids for all or parts of the operations, said the people, who requested anonymity as Lafarge hasn’t made a decision. A sale may not happen soon because the U.S. unit is still unprofitable and Lafarge may wait for a recovery, the people said. The unit may fetch at leas... |
West China Cement Raises US$400m via five-year bond20 January 2011, Published under Cement NewsWest China Cement Ltd has raised US$400m via a five-year US dollar-denominated bond at a yield of 7.5 per cent, a source familiar with the situation said Wednesday. The bond is callable in three years, the source said. |
Taiwan’s Asia Cement launches US$350m bond issue20 January 2011, Published under Cement NewsTaiwan’s Asia Cement Corp (1102.TW) has launched a US$350m, five-year exchangeable bond issue, IFR reported on Thursday. The bonds are exchangeable into Far Eastern New Century shares, the report added. Citigroup, Goldman Sachs and UBS AG are the joint book runners. |
West Construction to acquire cement company19 January 2011, Published under Cement NewsXinjiang West-Construction intends to spend CNY20m of its self-owned capital to purchase a 100 per cent stake in Tianyu Huaxin Cement in Xinjiang province, reports 163.com, citing a company filing. The company will be able to enter the cement industry and ensure the sustainable development of the company through the acquisition, said West-Construction. |
Huaxin may acquire stake in Hubei Golden Dragon Cement19 January 2011, Published under Cement NewsHuaxin Cement Co is planning to acquire an 80% stake in Hubei Golden Dragon Cement Co Ltd from Shaanxi Golden Dragon Cement Co, Ltd. All the companies are based in China. Hubei Golden Dragon is a manufacturer of cement clinkers, while Shaanxi Golden Dragon is a cement manufacturing company. |
BBMG rises on plans to list through merger, China19 January 2011, Published under Cement NewsShares of BBMG Corp rose 3.7 per cent to HK$11.10 yesterday after the mainland cement producer issued its prospectus on its plans to list in Shanghai through a merger. BBMG would issue 410.4 million A shares at CNY9 (HK$10.60) each, with a total value of 3.69bn, to merge with Hebei Taihang Cement, a Shanghai-listed cement producer, said its prospectus, posted on the website of the China Securities Regulatory Commission (CSRC) yesterday. All 410.4 million issued shares will be swapped with ... |
Saudi Cement reports increase of 13.2% in annual net profits19 January 2011, Published under Cement NewsSaudi Cement announced the preliminary 2010 results, which showed net profit of US$175.8m, compared to US$155.3m in 2009 – an increase of 13.2 per cent YoY basis, according to a report by Beltone Financial. Net profit for the fourth quarter of 2010 stood at US$40.53m, YoY increase of 4.5 per cent, compared to 2009’s figure of US$38.79m. "The results have exceeded our expectations by 3.6%, on the back of increased operational efficiency and increased sales volumes in the local market, w... |
TCL to suspend debt servicing as group restructures19 January 2011, Published under Cement NewsTrinidad Cement Limited (TCL) said Monday that it will cease paying its debts until a new turnaround plan is crafted and agreed to by lenders and investors in the company. The cement group says a creditor’s committee has been convened and that an independent adviser is being hired as it moves to restructure its debt. One of the first tasks is the development of a new business plan for the regional operation, whose top and bottom line earnings have fallen in the recession as construction ma... |