Cement News tagged under: corporate
Indocement pays tax arrears, Indonesia14 January 2010, Published under Cement NewsIndonesian cement company PT Indocement Tunggal Prakarsa in Tarjun, South Kalimantan, finally settled its tax arrears of about Rp3 billion (US$327,000) on quarrying-C mining business, after the local government refused the company’s tax deduction request. Head of the regional Revenue, Finance and Asset Management of Kotabaru district, H Achmad Chairansyah said here Wednesday that his office has received the tax arrears payment from PT. Indocement Tunggal Prakarsa or ITP cement factory. |
Saudi Eastern Province Cement net profit down14 January 2010, Published under Cement NewsSaudi cement producer Eastern Province Cement Company (EPC) said yesterday it booked a net profit of SAR350m (USD 93.3m) for 2009, down from SAR434m a year ago. The earnings per share (EPS) stood at SAR 4.07, down from SAR 5.05. The decrease in the company’s bottom-line results was attributed to lower sales prices due to tough competition, coupled with a rise in operating expenses after EPC stopped production at one of its kilns in an effort to lower stockpiles. The operating profit stood... |
Jindal may merge aluminium, cement firms13 January 2010, Published under Cement NewsSajjan Jindal, vice-chairman of the JSW Group, may merge two of his unlisted companies – JSW Cement Ltd and JSW Aluminium Ltd – into his publicly traded holding company Jindal South West Holdings Ltd, or JSW Holdings. “A possibility exists and right now they are independent companies,” he told Mint last week in a phone conversation in Mumbai, but added that a final decision has not yet been taken. JSW Group vice-chairman Sajjan Jindal. JSW Cement and JSW Aluminium, both unlisted, are wholl... |
CSN could sweeten Cimpor bid13 January 2010, Published under Cement NewsCSN’s takeover bid for Portugal’s Cimpor could rest on Chief Executive Officer Benjamin Steinbruch’s ability to assure skeptical shareholders that he will not overpay to expand into the cement business. Steinbruch spent last week in Portugal explaining the benefits of an association with CSN to the cement company’s shareholders. The rejection of the unsolicited bid last week by Cimpor’s board will probably lead Steinbruch to sweeten CSN’s US$5.5bn offer, investors said. Investors and analy... |
YTL Cement offers to buy Jurong Cement assets13 January 2010, Published under Cement NewsMainboard-listed Jurong Cement Limited (JCL) said it has received a rival offer for its assets. It said YTL Cement Singapore, a controlling shareholder of JCL, wants to buy the property, plant and equipment of JCL’s wholly owned subsidiary – Jurong Cement Bulk Terminal. YTL is offering S$50m for Jurong Cement Bulk Terminal. The bid is higher than the S$11 million takeover offer made by Holcim Investments Singapore. JCL is a subsidiary of Holcim. YTL said it is making an offer as it belie... |
Egypt ASEC asks Misr Cement Qena for new company stake13 January 2010, Published under Cement NewsEgypt’s ASEC Cement has invited Misr Cement Qena to take a US$20m stake in a new company building a cement plant in Minya province south of Cairo, it said in a statement on Tuesday. The new company, al-Arabiya al-Wataniya for Cement, will have US$155m in capital, or E£864m. Al-Arabiya’s cement licence is one of six awarded by Egypt in October 2007 to boost production following an increase in domestic prices. "This subject has been added to the agenda to be submitted to the board of directo... |
Camargo seeks cement business merger with Cimpor13 January 2010, Published under Cement NewsBrazilian conglomerate Camargo Correa on Wednesday offered to merge its cement business with Cimpor, which is the target of a takeover bid by another Brazilian company, steelmaker CSN. The deal would depend on Camargo buying 15 per cent to 25 per cent of Cimpor. Cimpor said in a statement that the proposed deal would leave Camargo with less than 50 per cent of Cimpor’s voting capital. "Cimpor’s administration will carefully consider the proposal ... and will announce its opinion about the... |
Alternative fuels joint venture12 January 2010, Published under Cement NewsNehlsen International, Bremen, Germany and MVW Lechtenberg & Partner, Mülheim an der Ruhr, Germany, have signed a joint venture agreement to build and operate alternative fuel production plants. German environmental waste management company Nehlsen, and MVW Lechtenberg & Partner will focus on alternative fuel production, to deliver alternative fuels “at the flame” for cement clinker production plants. The new joint venture- called “LENE” Lechtenberg & Nehlsen Alternative Fuels GmbH, l... |
HeidelbergCement plans bond issue12 January 2010, Published under Cement NewsHeidelbergCement plans to issue a benchmark non-subordinated bond comprised of two tranches of at least EUR500m (US$726.8m) each, maturing in 2015 and 2020, respectively. "The proceeds from the issue will be used exclusively for the partial repayment of a syndicated loan. The maturity profile of the group’s liabilities will therefore be extended out further and improved," the company said in a statement late on Monday. |
Converting Carib Cement’s debt into equity12 January 2010, Published under Cement NewsShareholders of Caribbean Cement Company Limited have voted on the company’s plan to convert US$$15 million debt into equity. At an extraordinary general meeting held on January 5, shareholders considered and passed two resolutions relating to the retirement of US$15 million of debt between the company and its parent company, Trinidad Cement Limited (TCL). A majority passed the resolution in consideration of the issue by the company of a new class of preference shares to TCL. Caribbean Ce... |