Cement News tagged under: corporate
Century Plyboards to restructure, India25 June 2010, Published under Cement NewsCentury Plyboards, a diversified company, is moving towards de-merger of its cement and ferro-alloy businesses into two separate entities. It also plans to reorganise captive coal-based power generating units of cement and ferro-alloy units. Mr Sajjan Bhajanka, Managing Director of the company, confirmed to Business Line that the proposals for hiving off two businesses into separate entities were on the drawing board. The next meeting of the board of directors would consider the proposal an... |
Fitch affirms Lafarge at ’BBB-’; outlook Negative25 June 2010, Published under Cement NewsFitch Ratings has affirmed Lafarge’s Long-term Issuer Default (IDR) and senior unsecured ratings at ’BBB-’. The Outlook on the Long-term IDR is Negative. Lafarge’s Short-term IDR has been affirmed at ’F3’. The Negative Outlook continues to reflect Lafarge’s limited headroom within the current ratings and the challenges it will continue to face in the foreseeable future to improve credit metrics, as market conditions are likely to remain difficult in mature markets, especially in western E... |
China Shuangji Cement secures US$3.7m loan24 June 2010, Published under Cement NewsChina Shuangji Cement, Ltd a leading producer of high-quality Portland cement in Shandong and Hainan Provinces announced that it has received a US$3.7m loan from an individual, Jiping Wen. The loan has no collateral and its term is 10 years with an interest rate of 10%. Interest is payable every six months and the principal is not due until maturity. Interest accrues from January 1, 2010 to December 31, 2020. The company plans to use the loan to complete the construction of its new state-of... |
Merrill Lynch keeps ‘buy’ rating for HeidelbergCement23 June 2010, Published under Cement NewsUS investment bank Merrill Lynch has set its classification for Heidelberg Cement to "Buy" with a target price of € 65.00. Germany’s biggest building materials group benefit in comparison to other cement manufacturers mostly from a market recovery in the US, wrote analyst Maud Penillard in a study on Tuesday. She had therefore taken up the stock in the "Building & Construction Most Preferred List". |
HeidelbergCement to pay extra to sell high-yield bond23 June 2010, Published under Cement NewsHeidelbergCement is paying a premium to sell high- yield bonds as corporate-debt sales start to revive. The building materials company increased the size of the deal by 30 per cent to EUR650m (US$614m) and set the yield of the December 2015 notes at 6.875 per cent, more than the 6.75 per cent it paid when it sold EUR650m of similar-dated notes in January. Those securities now trade at 6.5 per cent, according to Bloomberg composite prices. “The new Heidelberg bond looks cheap compared with ... |
Fujian reports losses due to heavy rains, China23 June 2010, Published under Cement NewsChinese producer, Fujian Cement suffered losses of more than CNY20m due to the heavy rains on June 18, reports Yicai.com, citing a company filing on June 22. The figure of CNY20m did not include indirect losses caused by the production halt. The total loss to be incurred by Fujian Cement could not be finalized due to the continuing heavy rains. The company’s three cement factories in Shunchang and Yong’an in Fujian province were affected by the rains. Fujian Cement predicts that it would ... |
Alex Cement says rights issue nearly covered, Egypt23 June 2010, Published under Cement NewsEgypt’s Alexandria Cement said on Tuesday it had almost covered a E£2.45bn (US$442.2m) rights issue and expects to sell the remaining shares once the regulator gives the go-ahead. The rights issue is designed to pave the way for the company’s main shareholder, Greek cement maker Titan, to sell a 16 per cent stake to the International Finance Corporation (IFC) for EUR80m (US$107.3m). Titan has been struggling to cope with a shrinking business and to cut debt. Alexandria said in a statement... |
Morgan Stanley downgrades Holcim stocks23 June 2010, Published under Cement NewsRating agency Morgan Stanley has downgraded the stocks of Holcim to “underweight” from “equal weight.” The brokerage said in a note that “the shares are trading at historical highs and a premium to peers” and cited “rising concerns over India and Australia earnings.” |
Grasim: more berated than re-rated22 June 2010, Published under Cement NewsThe company has a strong record of profitability and growth, and its focused approach is expected to yield better results. Come July 1, and another chapter will be added in the annals of Grasim’s history. Overall, the share price saw some beating since May, when the cement business was demerged from Grasim into Samruddhi Cement. Shareholders get one share in Samruddhi for every share of Grasim. Later, Samruddhi would be merged into Ultratech with a share-swap ratio of 4:7, that is, four sha... |
Direct manage investments to buy into Jidong Cement22 June 2010, Published under Cement NewsDirect Manage Investments Ltd plans to spend CNY1.91bn to acquire a 10 per cent stake in Tangshan Jidong Cement Co Ltd, the biggest cement producer in North China, according to a statement today released by the Shenzhen-listed firm. Direct Manage Investments will buy 134 million shares issued by Tangshan Jidong Cement for CNY14.21 apiece, and the latter firm will use the fund to replenish working capital. After the share sales, Tangshan Jidong Cement’s asset/debt ratio will decline 4.95 to... |