Cement News tagged under: corporate
Fitch Revises Holcim’s Outlook to Stable; Affirms IDR at ’BBB’01 February 2010, Published under Cement NewsFitch Ratings has revised Holcim Ltd’s (Holcim) Outlook to Stable from Negative. The agency has simultaneously affirmed the Swiss building materials company’s Long-term Issuer Default Rating (IDR) and senior unsecured ratings at ’BBB’ respectively. Holcim’s Short-term IDR has been affirmed at ’F2’. Fitch has also affirmed the senior unsecured rating of Holcim subsidiary Aggregate Industries plc (AI) at ’BBB’. The Outlook change reflects Fitch’s view that Holcim’s credit metrics will show a ... |
Saudi Southern Cement plans dividend for H201 February 2010, Published under Cement NewsSouthern Province Cement Co (SPCC), Saudi Arabia’s biggest cement firm by market value, said on Saturday it would give shareholders a 2.5 riyal ($0.67) dividend for the second half of 2009. The dividend will be paid after a shareholders’ assembly in March, it said in a statement posted on the Saudi bourse website. The second half dividend brings to 5 riyals the total dividend for 2009, which equals its level in 2008. Two state-owned funds together hold 51.2 percent of SPCC’s capital made u... |
CSN approves promissory notes issue01 February 2010, Published under Cement NewsThe board of directors of Brazilian steelmaker Companhia Siderúrgica Nacional (CSN) approved on Friday an issue of up to R$ 10 billion ($1 = R$ 1.885) in promissory notes. CSN said in a statement that this money will be used for the planned acquisition of Portuguese cement company Cimpor and the issue will only occur if the bid goes through on its terms. Earlier in the day, Brazilian construction firm Camargo Corrêa withdrew its merger bid for Cimpor presented on January 13. CSN made a €3... |
Binani Cement Q3 net profit up significantly28 January 2010, Published under Cement NewsIncreased capacity and demand has helped cement manufacturer, Binani Cement, post a 573 per cent jump in its net profit in Q3 FY 10 at Rs 57-crore as against Rs 8.5-crore in the year-ago period. "Demand has come up from the Commonwealth Games. Moreover, because of the Telangana issue in Andhra Pradesh which now looks like settling down will now more revive activity in the south," Binani Cement’s Managing Director, Mr Vinod Juneja, told reporters here on Tuesday. However, Mr Juneja said tha... |
Eagle’s cement profits fall 27%28 January 2010, Published under Cement NewsIncluding its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the first nine months of the trading year fell by 26.4% to US$569.6m. The group trading profit before corporate overheads was down by 20.8% to US$69.4m, with cement contributing 75.7% of this. Corporate overheads were reduced by 12.7% to US$12.3m and in the net interest charge declined by 28.8% to US$16.9m. Thanks to these reduced expenses, the reduction in the pre-tax profit was limited ... |
Anhui Conch Group to sell CNY5bn28 January 2010, Published under Cement NewsAnhui Conch Group Co. said Monday it plans to sell CNY5bn (US$732.4m) worth of three-year notes on the interbank market Thursday. Anhui Conch Group plans to use the proceeds to repay bank loans and supplement working capital, said the company, which is the parent of Anhui Conch Cement Co. Agricultural Bank of China Ltd. is the main underwriter of the deal, it said. |
Eastern Province Cement Co announces full year results28 January 2010, Published under Cement NewsEastern Province Cement Company announced its full year 2009 results. Net profits witnessed a decline of 19.2 per cent YoY in 2009 to SR350.7m (US$953.6m) while revenues declined by 2.5 per cent YoY to SAR778.6m (US$207.6m) in 2009. On a quarterly basis, the company registered earnings of SAR50.1m (SAR0.58 EPS) in 4Q09 which is down 32.9 per cent YoY and down 50.2 per cent QoQ. In contrast, revenues are up 13.9 per cent YoY and up 3.3 per cent QoQ. Despite the increase in total dispatches ... |
Brazil’s CSN presses on with rejected Cimpor bid28 January 2010, Published under Cement NewsBrazilian steel maker CSN has registered its EUR3.86bn ($5.43 billion) offer for Portuguese cement maker Cimpor, starting the clock on a hostile takeover battle. The bid, which Cimpor rejected earlier this month, was registered with Portugal’s stock market regulator late on Wednesday. CSN now has until Feb 17. to persuade Cimpor shareholders to sell at least 50 percent plus one share in the company. The Cimpor board of directors rejected CSN’s offer of 5.75 euros per share saying it was h... |
BBMG to acquire 90% stake in Quyang Jinyu Cement27 January 2010, Published under Cement NewsBBMG Group Company Limited, a building materials manufacturer, has entered into an agreement to acquire a 90% stake in Quyang Jinyu Cement Co., Ltd. from Beijing Dacheng Property Development Co., Ltd., for CNY47.73 million ($6.9 million). All the parties in the transaction are based in China. Quyang Cement is principally engaged in manufacturing and sale of cement productions, open-pit mining and sale of limestone. Dacheng Property is principally engaged in property development, provision o... |
Brazil’s Votorantim confirms bid for Cimpor27 January 2010, Published under Cement NewsBrazilian private conglomerate Votorantim Participacoes has made a bid for a stake in Cimpor, the Estado news agency reported Tuesday. Estado said the president of Votorantim’s board, Carlos Ermirio Moraes, confirmed the move early Tuesday afternoon. According to Moraes, Votorantim had been tracking its Portuguese competitor since 2000 and had decided to stake a minority stake. Contacted by Dow Jones Newswires, Votorantim was unable to immediately confirm the report. In a filing with Por... |