Cement News tagged under: corporate
Cemex sees net loss in 1Q1025 March 2010, Published under Cement NewsCemex said on Wednesday it sees a likely consolidated net loss in the first quarter of 2010 versus the same period a year ago, hit by the global slump and bad weather in the United States and Europe. In a filing with the US Securities and Exchange Commission, Cemex said the global economic crisis continued to hurt demand for its cement across its markets. Cemex also blamed severe storms in its key European and U.S. markets for dampening construction in a always difficult winter season. "It... |
Titan to sell 16% of Egyptian unit to World Bank25 March 2010, Published under Cement NewsGreek cement maker Titan Cement said on Tuesday it had agreed to sell a 16% stake in its Egyptian division to the International Finance Corporation (IFC), the private finance arm of the World Bank, for EUR80m. The sale, which is seen to boost the investment value of Alexandria Portland Cement Company, is expected to be finalised by the end of June, Titan Cement said. |
Rain Commodities to sell tax-free bonds24 March 2010, Published under Cement NewsRain Commodities Ltd plans to raise US$100m by selling tax-free bonds in two US states. The Hyderabad-based company wants to deploy the proceeds to set up two power projects of 30MW each at its CPC facilities in the US, vice-president (finance) T Srinivasa Rao said. Rao said the new global holding company will raise equity funds in the US market through an initial public offering (IPO) whose size and timing were yet to be decided. The two proposed power projects using waste heat will come... |
Cemex plans convertible bond issue24 March 2010, Published under Cement NewsCemex said on Tuesday it plans to sell convertible bonds worth US$500m as part of a wider refinancing effort to extend debt payments. Cemex said the bonds, which are convertible into shares, would be due in 2015. "Cemex expects to grant the initial purchasers of the notes a 30-day over-allotment option to purchase up to US$75m additional aggregate principal amount of notes," Cemex said in a statement. The notes will be convertible into American Depositary Shares, or ADSs, the company said... |
Cimpor mulls Mario Lino nomination for chairman23 March 2010, Published under Cement NewsFormer Minister of Public Works, Transport and Communications, Mario Lino, may be one of the nominees to head Portuguese cement producer Cimpor, Portuguese daily Publico said today. The nomination of Lino to replace Ricardo Bayao Horta as chairman of Cimpor is put forward by the Government via state-owned bank Caixa Geral de Depositos (CGD). CGD which holds 10% in Cimpor has the right to name the chairman and a non-executive board member. The shareholders in Cimpor are analysing another op... |
China Resources Cement net up 33%22 March 2010, Published under Cement NewsChina Resources Cement said its net profit soared 32.8% to HK$1.01 billion for the year ended 31 December 2009. Its basic earning per share was HK40 cents. The revenue was HK$6.907 billion, increased by 19.5%; with a gross profit of HK$2.042 billion. |
Asia Cement FY09 earnings may fall below forecast22 March 2010, Published under Cement NewsAsia Cement (0743.HK) may fall, after reporting weaker-than-expected FY09 results; net profit +48.5% YoY at CNY610m but lower vs average CNY677m forecast based on Thomson Reuters. BNP Paribas says bottom line 10.2% below house’s estimate, mainly due to rising coal price in 4Q09. Sales volumes are expected to rise in FY10 to rise 42.4% to reach 19.5Mt with one new line each in Sichuan, Hubei and Jiangxi starting production in 1H10. House cuts FY10 earnings estimates by 4.3% on lower margin ... |
CSN still looking to acquire foreign cement assets22 March 2010, Published under Cement NewsSteel producer CSN remains on the lookout for foreign cement assets to acquire, particularly in Europe and the USA, following its failed takeover attempt for Portuguese cement producer Cimpor. CSN had hoped to purchase at least one-third plus one share of Cimpor. The Portuguese cement maker, however, only tendered 57.6 M shares, or approximately 8.57% of the total. CSN’s bid for Cimpor was EUR 6.18/share, totalling EUR 4.15 bn. Meanwhile, CSN revealed that it plans to build three cement ... |
Horta resigns as Cimpor chairman and CEO, Portugal22 March 2010, Published under Cement NewsRicardo Manuel Simões Bayão Horta has announced his resignation as Chairman and CEO of Portuguese producer, Cimpor. Horta has been Cimpor chairman for the past nine years. According to a statement released by the company "he has now decided, given the profound change in Cimpor shareholding structure that for the best interests of this company, its shareholders and other stakeholders, he must provide an anticipation of the rejuvenation of Cimpor leadership. " |
Athi River Mining to sell bonds to fund expansion, Kenya19 March 2010, Published under Cement NewsAthi River Mining Ltd plans to sell KES1.6bn (US$20.8m) worth of bonds in April or May to help fund the building of a new cement plant and a clinker unit in Tanzania. Half of the $100 million project will be financed with concessional loans from the Development Bank of Southern Africa, PTA Bank Ltd. and the East African Development Bank, Surendra Bhatia, deputy managing director of Athi River, said in an interview from Nairobi, the Kenyan capital, yesterday. The planned sale of five-year b... |