Cement News tagged under: corporate
Italcementi secures EU550m in new financing14 August 2009, Published under Cement NewsItalcementi Group, the holding that controls Italcementi SpA, has agreed to a EUR550m (US$782m) financing plan to renegotiate existing loans, MF reported, without saying where it got the information. The holding secured a loan of EUR300m for Italcementi SpA, while another two credit lines for EUR250m will be used for its Ciments Francais SA unit. Source: Bloomberg |
ACC 2Q benefits from rise in cement realisations14 August 2009, Published under Cement NewsACC’s result for the June ’09 quarter was better than expectations. The company benefited from a 13% YoY rise in cement realisations per tonne, coupled with marginally higher dispatches. The stock jumped 5.80 % to Rs 854.65 on the BSE Thursday, compared with 2.61 % rise in the Sensex. Strong realisations helped ACC’s net profit for the June ’09 quarter increase by an impressive 84.6% YoY to Rs 470.9 crore The company’s consolidated income rose 14.2% YoY to Rs 2,208.2 crore in the last quar... |
Taiwan’s cement firms see earnings growth in Q213 August 2009, Published under Cement NewsDue to the economic recovery and earnings from investments, Taiwain’s leading cement producers, including Taiwan Cement Corp., Asia Cement Corp., Universal Cement Corp. and Glodsun development & Construction Co., all are expected to see higher earnings in the second quarter than that posted in the previous one. An industry insider noted domestic demand for cement decline by 10% year-on-year in the first quarter of this year but the rate of decline has slowed in the second quarter because o... |
Cemex says all creditors support debt deal11 August 2009, Published under Cement NewsMexico’s Cemex said on Monday all its creditors have indicated they will support a proposal to refinance US$15bn of debt maturing over the next two years. In the toughest market in its century-long history, Cemex has been under immense pressure to reach a deal to extend debt it took on to finance its acquisition of Australia’s Rinker in 2007. "Cemex is currently in the documentation phase. Conditions ... related to the agreement are expected to be completed soon," Cemex said in a statement... |
Prism Cement board approves amalgamation10 August 2009, Published under Cement NewsPrism Cement Ltd has informed that the Board of Directors of the Company at its meeting held on August 08, 2009, inter alia, has accorded in-principle consent to pursue, subject to acceptance of a fair share swap ratio and other commercial matters relating thereto by the Board; receipt of approvals from the Stock exchanges and other requisite statutory and regulatory authorities, the shareholders of the Company, the High Courts of Judicature at Bombay and Andhra Pradesh, the proposal for ama... |
PPC chief operating officer resigns, South Africa07 August 2009, Published under Cement NewsDr Orrie Fenn has resigned as a director of PPC with effect from 5 August 2009. Dr Fenn joined PPC during 1999, was appointed to the board in March 2004 and as COO in May 2005. |
Emerging markets partly offset Europe and North America downturn for Lafarge07 August 2009, Published under Cement NewsFirst half results continued to reflect the full force of the global recession this week, with Lafarge reporting sales down by 12 per cent to €7991m, while operating profit dropped steeply by 30 per cent to €1131m. The company saw some increased free cash flow, which rose by €746m, and the latest round of refinancing improved the group’s debt maturity profile and net debt was trimmed back by some €2292m. Trading conditions differed markedly between regions, with developed markets most expo... |
Morgan Stanley, wary on stimulus impact, cuts CRH06 August 2009, Published under Cement NewsMorgan Stanley on Wednesday cut its rating on Irish building-materials company CRH Plc to underweight from equal-weight, citing a worsening in the company’s cyclical end markets. The broker also told clients that while the current consensus expects an earnings recovery in 2010, driven by the effect of cost savings but also helped by an uptick in demand for highway materials as the stimulus spending kicks in in the U.S., it believes the impact of the plan on CRH earnings is overestimated. ... |
Qassim Cement to double capital to US$240m06 August 2009, Published under Cement NewsSaudi cement producer Qassim Cement Co (QCC) has received approval from Saudi stock market regulator, the Capital Market Authority (CMA), to increase its capital to SAR900m (US$240m) from SAR450m, Al Watan daily reported yesterday. The capital hike will be carried out through a one-for-one bonus issue. QCC will use retained profits and legal reserves to finance the operation, which is subject to shareholder approval. After the increase, the company’s capital will be divided into 90 million ... |
Holcim prices A$500m 3-yr bond issue04 August 2009, Published under Cement NewsThe Australian unit of Holcim has priced A$500m (US$423m) in three-year notes at 335 basis points over swap, a market source who has seen the terms said on Tuesday. It was the largest bond issue for non-financial borrowers in Australia this year. Such bonds have taken off with a string of new issues in the past month, reviving a market dormant since 2007 when the global financial crisis hit Initial price guidance of Holcim’s issue indicated around 350 basis points with an issue size of a... |