Cement News tagged under: corporate
Sberbank to control largest producer in Novosibirsk, Russia19 January 2011, Published under Cement NewsSberbank has appealed to the Russian Federal Antimonopoly Service for approval in its bid to receive a 51 per cent stake in Iskitimcement, the largest cement producer in the Novosibirsk Province with a capacity of 1.8Mta. The bank reportedly plans to receive shares currently owned by the RATM holding as a part of Iskitimcement’s debt restructuring. Iskitimcement owes Sberbank some RUB 3bn (€75m). Source: PMR Research |
Cemex to issue US$1bn in bonds18 January 2011, Published under Cement NewsCemex plans to issue US$1bn in junk bonds to help pay down debt, the company said late Tuesday. The company will price the senior secured notes due 2018 by January 11. Price talk on the notes indicates a coupon of 9% and an OID of 99.36. Cemex said it would use the proceeds for general corporate purposes, which could include repayment of outstanding debt Standard & Poor’s assigned a B rating to the proposed bonds. The rating agency also affirmed the company’s B corporate credit rating. La... |
Wagners seeks listing plans, Australia18 January 2011, Published under Cement NewsDirector and co-owner Denis Wagner said that Wagners is seeking a sharemarket listing in 2012 to increase its capital base and improve its position for acquisitions. Wagners recently appointed advisers Wilson HTM to study its options and is holding discussions with Westpac Banking Corporation on restructuring its debt facilities. Wagners is the third largest concrete and cement business in Queensland behind Cement Australia. |
Qassim Cement net slips, Saudi Arabia17 January 2011, Published under Cement NewsQassim Cement Company saw net profits for the fourth quarter and the year overall fall, as the company struggles in a tighter market as only one of two companies that failed to sell more last year than 2009. After-tax returns fell from SAR173.48m to SAR112.78m, down 35%, for the last three months of 2010 against the same period the previous year, though operating profits rose 19.21% to SAR122.75m and gross profit rose 11.4%. “The reason for the decline in the consolidated net profit durin... |
Exane starts coverage of Italcementi14 January 2011, Published under Cement NewsAnalysts at Exane launched coverage on cement maker Italcementi with a EUR-5.50 share price target and an "underperform" rating. The analysts expect in 2011 Italcementi to perform in line with 2010. |
JP Morgan upgrades Anhui Conch13 January 2011, Published under Cement NewsJPMorgan upgrades Anhui Conch of China to Overweight from Neutral after the company issued a profit alert earlier this week, indicating its 2010 preliminary earnings were up my more than 50% on-year, ahead of JPMorgan’s previous forecast for a 29 per cent rise. "We believe the surprise alert was primarily driven by the solid cement prices since August when the Chinese government imposed restrictions on power usage, which led to supply shortages, followed by the 4Q peak season and supplier ... |
Credit Suisse hikes Swiss Holcim’s price target13 January 2011, Published under Cement NewsCredit Suisse increased today the share price target on Holcim to CHF 64 (EUR49.9) from CHF58 but did not change the "underperform" rating. Analyst Arnaud Lehmann said that the new share price target was based on the forecasts for 2012. According to the expert, Holcim’s shares are a "top sell idea" since there are more market-specific risks and fewer promising prospects related to cement prices for Holcim than for some competitors. |
West China Cement mulls guaranteed senior notes issue12 January 2011, Published under Cement NewsWest China Cement said it proposes to conduct an international offering of guaranteed senior notes and will commence a series of roadshow presentations beginning on or around 12 January 2011 to certain institutional investors in Asia, Europe and the United States. The principal amount, the interest rates, the payment date and certain other terms and conditions of the proposed notes issuance are yet to be finalized. Deutsche Bank and ICBCI Securities, as the joint lead managers, Deutsche Ba... |
Eastern Province fourth-quarter up 66%, Saudi Arabia12 January 2011, Published under Cement NewsSaudi Arabia’s Eastern Province Cement said Monday its fourth-quarter net profit soared 66 per cent to SAR83m (US$22.1m) from SAR50m in the year-earlier period mainly on higher sales. Full-year earnings per share stood at SAR3.99, compared with SAR4.08 in the year-earlier period, Eastern Province cement said in a statement posted on the Saudi bourse website. |
Saudi Tabuk Cement names al-Shatri board chairman11 January 2011, Published under Cement NewsThe management board of Saudi cement producer Tabuk Cement Company (TCC) appointed at a meeting on Sunday Khaled bin Saleh al-Shatri board chairman. Mohammed bin Ali al-Omari was named vice chairman of the board. Tabuk-based TCC has an authorised and paid-up capital of SAR700m (US$186.7m). The company booked a net profit of SAR 99.5m for the nine months to September 2010, up from SAR95.6m a year earlier. |