Cement News tagged under: corporate
Yanbu Cement expects 35.5% drop in Q4 profit29 December 2009, Published under Cement NewsSaudi cement maker, Yanbu Cement Co. expects a 35.5% fall in its net profit in the fourth quarter, Reuters has reported. Preliminary results show the firm’s net profit this year would reach SR478m, down from SR559.7m in the previous year, the company said. |
Prosperity Minerals reports higher H1 revenues and profits28 December 2009, Published under Cement NewsProsperity Minerals Holdings, which has just sold its Chinese cement business for GBP 300m, reported higher 1H revenues and profits amid what the company said was a challenging economic environment, now looking to take advantage of the massive cash inflow to develop other businesses in China. Revenues for the six months to September 30th2009 surged by 33% to US$491.4m as gross profits climbed 22% to US$30.2m. However, pre tax profit declined 91% to US$1.3 million and EBITDA were down by 35%... |
S&P may cut rating on Cimpor if CSN completes takeover bid24 December 2009, Published under Cement NewsStandard & Poor’s (S&P) may downgrade the credit rating on Portuguese cement producer Cimpor, if Brazilian steel production group Companhia Siderurgica Nacional, or CSN, completes successfully its takeover bid on the company. The downward revision will reflect the weak credit profile of CSN, S&P said. The rating on Cimpor, which currently stands at BBB-, was put under credit watch with "negative" outlook. The current rating of Cimpor is supported by high operating margins and solid cash fl... |
Holcim issues Pesos$950m debt titles23 December 2009, Published under Cement NewsHolcim Apasco has issued debt titles worth Pesos$950mil via the filials Cementos Apasco and Concretos Apasco, in what consisted the first issuance of a Pesos$2.000mil program raising fresh resources to refinancing short term debts and also muscling up to grasp opportunities in the infrastructure sector. Most of the issuance was placed among institutions investors. |
Cementos Portland Firm completes capital hike21 December 2009, Published under Cement NewsSpanish cement manufacturer Cementos Portland Valderrivas on Friday said it had successfully completed its 3-for-8 rights issue of 10.09 million shares, raising €202 million. The issue was priced at 20 per share, a 29.8-percent discount to the prevailing share price when the increase was announced. Source: El Pais |
TPI Polene to pay THB6.9bn fine, Thailand21 December 2009, Published under Cement NewsTPI Polene, Thailand’s third-largest cement maker, must pay a fine of THB6.9bn (US$208m) for breaching securities laws, according to a ruling by the nation’s Court of Appeals. The court rejected a petition by TPI Polene founder Prachai Leophairatana for the case to be heard by the Constitutional Court. Prachai didn’t answer calls to his mobile phone today. The criminal court fined TPI Polene in December 2007 for violating securities laws in relation to a share sale. Prachai, a TPI Polene d... |
Buzzi: placement of senior unsecured notes21 December 2009, Published under Cement NewsBuzzi Unicem informs that, through its wholly-owned subsidiary RC Lonestar Inc, it has reached conditional agreement with US investors to raise a total of US$200m through a new private placement of Senior Unsecured Notes. The debt will have final maturity in 2016 and will be split into fixed and floating rate tranches in line with current market conditions. The issue is to be guaranteed by Buzzi Unicem and the transaction is expected to be completed by April 2010, subject to the complet... |
Siam Cement to take a hit from Map Ta Phut21 December 2009, Published under Cement NewsSiam Cement, Thailand’s biggest industrial conglomerate, expects the suspension of 18 of its projects at Map Ta Phut industrial estate to hurt earnings next year but says the problems will not affect investment. On Dec. 2 a Thai court halted 65 out of 76 new projects at the estate, home to the world’s eighth-biggest petrochemicals hub, due to environmental concerns. "It will affect (our earnings) and the extent will depend on how long things are delayed," Siam Cement’s finance chief, Roong... |
Prosperity to sell its China cement business21 December 2009, Published under Cement NewsThe Board of Prosperity has announced that the company has entered into a memorandum of understanding with TCC International Holdings (TCC), in relation to the possible sale of the entire issued share capital of Upper Value Investments (the ’Target Company’), and certain outstanding shareholder loans, understood to amount to some 16Mt of capacity. Upper Value Investments is a wholly-owned subsidiary of Pro-Rise Business (Pro-Rise) which, in turn, is wholly-owned by Prosperity. The Target ... |
Holcim to offer to buy remaining Jurong shares, Singapore21 December 2009, Published under Cement NewsHolcim will offer to buy the shares it doesn’t already own in Singapore-based Jurong Cement Ltd. Holcim shares declined 1.2 percent to 77.9 francs. Source: Bloomberg |