Cement News tagged under: Corporate
HeidelbergCement seeks revival with cost cuts22 June 2010, Published under Cement NewsHeidelbergCement said it aims to revive profit with spending reductions and by adding plants in emerging markets such as India, Indonesia and Bangladesh. The company remains focused on cutting borrowing costs while completing a four-year, 20Mt expansion of production capacity in countries such as Poland and Russia by 2012, Chief Executive Officer Bernd Scheifele said today in an e-mailed response to questions. “We’re concentrating on further cost savings and lowering our debt,” Scheifele s... |
Offers to Tokyo Cement shareholders21 June 2010, Published under Cement NewsSri Lanka’s Tokyo Cement recently announced that it would be proposing to its existing shareholders the option of tax-free capitalisation of its revenue reserves. The company, which is publicly listed on the main board of the country’s Colombo Stock Exchange (CSE), also suggested it was waiting on CSE approval to proceed with its offer. According to the announcement, the company, whose net asset per share was INR17 ( US$ 0.14) as at March 31 and whose voting shares and non voting shares w... |
Madras Cements: Value pick for long term21 June 2010, Published under Cement NewsMadras Cements, a leading player in the southern market, has been grappling with sluggish demand conditions in its key markets of Tamil Nadu and Andhra Pradesh, and a fall in its realisations on a per tonne basis over the past two quarters. However, the stock trades at a P/E of just 6.8 times on a trailing basis, and it is much lower than the P/E of its similar sized peers, operating in the southern. We had recommended this stock in our issue dated April 13, 2009 and since then the stock h... |
China Resources obtains HK$1bn loan18 June 2010, Published under Cement NewsChina Resources Cement said it has obtained a HK$1 billion 3-year term loan facility with a syndicate of banks on 17 June 2010. The facility agreement imposes that China Resources Holdings should own at least 51% of the issued share capital of the company. |
Court upholds Lafarge antitrust fine18 June 2010, Published under Cement NewsThe European Court of Justice confirmed yesterday a fine of EUR 249.6 million (USD308.7m) imposed on French cement maker Lafarge for anticompetitive practices in the plasterboard market. The European Commission, the EU competition watchdog, had imposed a fine of EUR478mn in 2002 on Lafarge and its peers Gyproc (Belgium), BPB Ltd (UK) and Knauf (Germany) for illegally exchanging information on sales volumes and fixed prices in the plasterboard markets in the UK, France and Benelux, the cour... |
Binani Cement announces buy back, India17 June 2010, Published under Cement NewsBinani Cement through Keynote Corporate Services made an announcement to the shareholders / beneficial owners of equity shares of the company that it would buy-back 1.45-crore fully paid-up equity shares of Rs.10 each through tender offer route at a price of Rs.90 per share payable in cash. The buy-back represents 20.07% of the paid-up equity share capital and free reserves of the company as on March 31, 2010. The maximum amount of the buy-back is Rs.130.50 crore. The offer opens on July... |
Cemex concerns on missing out on mergers15 June 2010, Published under Cement NewsCemex is concerned that its efforts to cut debt will mean sitting out the next round of industry consolidation. “Our strategic position in the sector appears in my nightmares,” Fernando Gonzalez, chief of planning and finance, said in an interview with Bloomberg. “The largest players might grow faster than what we can do in the next five years, and that keeps me up.” After a near-default on US$21.7bn in debt in 2009, any expansion will have to come through an investment fund in which Cemex ... |
PPC Zimbabwe appoints Sternford Moyo to its board of directors?15 June 2010, Published under Cement NewsPortland Holdings Limited (PPC Zimbabwe) announces the appointment of Mr Sternford Moyo to its board of directors. Moyo brings a wealth of experience in corporate and commercial law, investment and financial advisory service. He also serves as chairman and senior partner of Scanlen and Holderness as well as chairman of Stanbic Bank Zimbabwe Limited. |
Goldman Sachs lifts rating on Danish FLSmidth to "buy"10 June 2010, Published under Cement NewsGoldman Sachs has upgraded the recommendation on Danish cement and minerals system supplier FLSmidth & Co A/S to "buy" from "neutral" citing the company’s position to benefit from the recovery of investments in the mineral and cement industry. The broker also raised the 12-month price target to DKK613, which corresponds to an upside of 61%. Goldman Sachs wrote in the analysis that FLSmidth with its 28% sales exposure in the BRIC countries (Brazil, Russia, India and China) is well positione... |
Nigeria’s Ashaka Cement 2009 profit, turnover fall10 June 2010, Published under Cement NewsNigeria’s Ashaka Cement said on Wednesday its pretax profit fell just over 30 per cent to NGN2.36bn last year, according to a filing with the Nigerian Stock Exchange. The company said turnover fell to NGN17.19bn from NGN21.38bn the previous year. It proposed a bonus of one share for every eight held. |