Cement News tagged under: corporate
Uganda: cement firm branch to change its status23 November 2010, Published under Cement NewsEast African Portland Cement Company’s shareholders have unanimously voted to allow the company change its Uganda branch into a limited company to tap into growing region market. The company’s annual general meeting passed a resolution to convert Uganda branch into East African Portland Cement Company Uganda thus making it a wholly owned subsidiary of East African Portland Cement Company. Managing director Kephar Tande told shareholders at the company’s headquarters in Athi River that the ... |
My Home Industries Ltd to Invest INR400 Crore23 November 2010, Published under Cement NewsIndia’s premier cement manufacturer, My Home Industries Ltd, is set to invest INR400 crore to increase its production capacity of its plant at Vizag located in the southern Indian state of Andhra Pradesh and for purchasing new units. The expansion drive would be reportedly funded through internal accruals. Outlining the company’s plans to expand, group chairman and managing director of My Home Group Rameswar Rao Jupally said, "We are embarking on an ambitious target of 10Mt capacity in thre... |
Cemex closes on Murli Industries cement business in a US$550m deal23 November 2010, Published under Cement NewsCemex, the world’s largest building materials supplier and third largest cement producer, is in an advanced stage to buy the cement business of India’s Murli Industries for about US$550m. Citing an unnamed source involved in the negotiations, The Economic Times today reported that Cemex has made an offer of US$550m after several months of due diligence, but the price is still being negotiated and the final figure would depend on the outlook for cement prices. Earlier known as Murli Agro Pr... |
Cimpor raises liquidity by €800m after funding23 November 2010, Published under Cement NewsPortuguese cement producer Cimpor has raised its liquidity by some €800m (US$1.099bn) after several operations of funding. The moves extended the maturity of the debt by almost two years, the company said in a filing with Portugal’s bourse regulator CMVM on Friday. Cimpor has signed an alternative syndicated loan on the Eurobonds market worth €320m, a credit facility of €150m, a club deal loan of €110m, an additional guarantee under a three-year commercial paper programme for €100m and exp... |
Asia Cement Invests in Sunnsy Group of China23 November 2010, Published under Cement NewsAsia Cement Corporation, Taiwan’s leading cement producer, recently announced it has signed, through its subsidiary—Asia Cement (China) Holdings Corp. which is listed in Hong Kong, a memorandum of understanding (MOU) with Sunnsy Group of China to acquire a 30 per cent stake of the group’s subsidiaries in northeastern China and Inner Mongolia. In addition, Asia Cement will also obtain a 10 per cent stake in Sunnsy Group to tap northeastern and northwestern China markets. All the acquisition ... |
Titan Cement sells Egyptian stake to IFC21 November 2010, Published under Cement NewsTitan Group announces the completion of the €80m equity investment of International Finance Corporation (IFC) in Alexandria Portland Cement Company through the purchase of a stake in Titan’s holding company Alexandria Development Limited (ADL). The transaction results in IFC holding through ADL a 15.2% minority stake in APCC and subsequently in Titan’s Egyptian operations. Titan is an independent cement and building materials producer based in Greece. The Group owns 13 cement plants in ei... |
Lafarge places EUR1bn bond19 November 2010, Published under Cement NewsLafarge Thursday said it placed a EUR1bn bond with an eight year maturity and fixed annual coupon of 5.375% to institutional investors. The proceeds of the transaction will be used to refinance part of the group’s existing debt, Lafarge said in a statement. The settlement and issuance of the bond are expected to occur on November 29. |
Cemex climbs most in 2 weeks as US shows improved outlook19 November 2010, Published under Cement NewsCemex, the largest cement maker in the Americas, climbed the most in two weeks after reports on manufacturing and jobless claims in the U.S. signaled an improved economic outlook. Cemex gained 2.2 percent to 11.35 pesos in Mexico City trading at 1:21 p.m. New York time, the biggest jump since Nov. 4. The shares have advanced 4.9 percent this month. The U.S. Labor Department reported initial jobless claims increased less than forecast by 439,000 in the week ended Nov. 13. Manufacturing in... |
Goldman Sachs cuts Holcim price target17 November 2010, Published under Cement NewsGoldman Sachs cuts its Holcim price target to CHF72.40 from CHF78.70. The bank has also cut the cement maker’s earnings per share estimates to CHF3.41 from CHF4.62, and for 2011 to CHF4.40 from CHF5.54 |
Vicat constructs new USPP deal16 November 2010, Published under Cement NewsCredit Agricole and HSBC Securities today launched a private bond deal for French cement company Vicat S.A., sources familiar with the transaction confirmed. The transaction has US$150m on the cover, and the company is looking for maturities of seven-, 10- and 12-years. Bids on the deal are expected to circle the week of Nov. 29. The company is an NAIC-2 issuer. Vicat last came to the U.S. private placement market in 2003, raising US$400m via Credit Lyonnais (which was acquired by Credit A... |