Cement News tagged under: corporate
Cemex to issue at least US$225m in securities05 November 2009, Published under Cement NewsCemex said on Wednesday it plans to issue at least MXP3bn (US$225m) in convertible securities in Mexico as part of its debt refinancing. Cemex convinced its creditors to refinance $15 billion in bank and bondholder debt until 2014, but has agreed to sell assets and raise capital via equity and bond issues. Under the terms of the deal, Cemex will issue 10-year commercial paper that will be converted into shares. Cemex did not give a date for the issue, which must come after the Mexican sto... |
Nigeria’s Dangote Cement plans London listing05 November 2009, Published under Cement NewsNigeria’s largest cement producer, Dangote Cement Plc, is investing in new production plants around Africa to establish itself as a continental market leader before a planned listing in London, an executive director said. Devakumar Edwin, said Dangote Cement is still committed to a London listing, as market conditions improve, having put such a plan on hold because of the global downturn. “We are planning to float the entire cement division as a company, putting all the assets (around Afri... |
RBS keeps "sell" on Lafarge ahead of Q3 earnings04 November 2009, Published under Cement NewsRBS reaffirmed its "sell" rating with a target of EUR 29.4 on Lafarge ahead of the publication of its third-quarter results on November 6. RBS expects an underlying net profit of EUR310m in the third quarter, down 52% year-on-year. For the nine-month period, the analysts see a drop of 55% to EUR 637m in net earnings. Moreover, RBS expects Lafarge’s quarterly results to show the resilience of the emerging markets and the weakness of the mature markets. |
Kuwait Cement nine-month net profit down to US$52.2m04 November 2009, Published under Cement NewsKuwait Cement Company said yesterday its net profit plummeted to KWD14.94m (USD52.2m) for the nine months ended September 30, 2009, versus KWD20.16m a year earlier. The cement producer reported earnings per share (EPS) of 26.62 fils, compared to 35.83. For the third quarter of 2009, the company booked a net profit of KWD2.62m, recovering from a net loss of KWD16.98m a year earlier. The total assets declined to KWD250.8m at end-September 2009 from KWD298.4m a year earlier. |
Gulf Cement 9-month profit drops 47%, UAE04 November 2009, Published under Cement NewsUAE-based Gulf Cement has announced that its nine-month profit declined 47% as operating income dropped. Net income fell to Dhs107.4m ($29m), from Dhs202.5m in the year-earlier period, the company said today. |
Vulcan’s external cement sales more than halved04 November 2009, Published under Cement NewsVulcan Materials’ turnover for the first nine months of the year fell by 26.4% to US$2,100.3m as public sector economic stimulus funds have yet to have much of an effect on US aggregates demand. Only in the states of Illinois and Tennessee has there been any notable increase in government contracts leading to increased work being actually carried out to date and some states, notably Florida, have very long lead times before anything happens and the lower commercial and industrial building... |
Vicat further strengthens its balance sheet04 November 2009, Published under Cement NewsVicat’s turnover for the first nine months of 2009 were down by 8.8% to €1443m, which represents an underlying fall of 11.2%. The gearing level has been reduced from 39.0% at the half year stage to 35.3% at the end of September. The turnover in cement edged ahead by 1.3% to €721m, while in aggregates and concrete there was an 18.9% reduction to €528m while other activities showed an 11.3% decline to €194m. The cement volume was 0.8% ahead at 10.95m tonnes. Aggregates deliveries declined... |
Cemex Should Have Financed ‘More Conservatively’:03 November 2009, Published under Cement NewsCemex SAB Chief Executive Officer Lorenzo Zambrano is confident his $14.2 billion acquisition of Rinker Group Ltd., which almost pushed the Monterrey, Mexico- based cement maker into default, will pay off over time. Zambrano, who saved his company with an August agreement to refinance $15 billion of bank debt, is optimistic even after his company’s sales plunged 31 percent in the first nine months of the year. Cemex’s debt rating was raised by Standard & Poor’s this month to B, five levels ... |
HeidelbergCement Rated New ‘Outperform’ at Credit Suisse02 November 2009, Published under Cement NewsHeidelbergCement was rated “outperform” in new coverage at Credit Suisse Group AG, which said the share price “discounts no volumes recovery.” |
Cemex Considers long-term bond to pay bank debt02 November 2009, Published under Cement NewsCemex is considering selling a 5-year to 10-year bond within six months to pay bank debt and push maturities beyond 2014, Chief Executive Officer Lorenzo Zambrano said. Capital markets have opened enough for the company to try to sell a bond only months after completing an agreement with banks to refinance $15 billion of debt in August, Zambrano said in an interview today in Monterrey, Mexico. The sale would be in addition to a convertible bond Cemex has said it will sell. “The indication ... |