Cement News tagged under: corporate
Cemex Has 90% creditor support for refinance plan30 July 2009, Published under Cement NewsCemex has 90 per cent creditor support for a plan to refinance almost $15 billion of bank debt and is requesting more time to conclude the proposal. The plan needs approval from all creditors, Hector Medina, chief of finance and legal, said today on a conference call. The company is requesting an extension of a debt-covenant waiver that expires on July 31 to allow it to gain support from remaining creditors and complete legal documents. The refinancing plan would extend debt maturities thr... |
Wesfarmers chairman to succeed Ken Moss at Boral, Australia29 July 2009, Published under Cement NewsAfter 10 years as chairman of building materials group Boral, Ken Moss will step down next May to make way for Bob Every, chairman of Wesfarmers and Iluka Resources. However, Mr Every will give up his chairman’s position at the Perth-based Iluka at the company’s annual general meeting to be held in May before taking on his new role as chairman of Boral. Mr Every said being chairman of three listed companies was "not appropriate". John Pizzey was yesterday appointed deputy chairman of Iluka... |
Holcim increases shares in Cessa, El Salvador29 July 2009, Published under Cement NewsHolcim has acquired 90% of the shares of Cemento del Salvador (Cessa). Cessa currently exports cement and other products to Belize, Guatemala, Nicaragua and Honduras. La Prensa Gráfica published on its website: "During the first semester, Holcim bought the shares through a Dutch subsidiary, increasing its share in the company from 64% to over 90%. The remaining shares are distributed among over 370 persons and companies, mostly Salvadorans." |
Strong sales lift Grasim net 61%29 July 2009, Published under Cement NewsGrasim Industries, part of the Aditya Birla Group, has posted a 61% growth in consolidated net profit at Rs 1,080 crore the June quarter because of higher sales coupled with lower expenditure of its cement division. The consolidated net sales for the quarter rose by 15% at Rs 5,080 crore in the first quarter of this fiscal from Rs 4,394 crore in a year-ago period. Adesh Gupta, group executive president and chief financial officer of Grasim told ET, “The cement business has been the key con... |
Portland opts to hedge on loan over volatility, Kenya29 July 2009, Published under Cement NewsEast African Portland Cement Company has decided to hedge on a yen-denominated loan it got from the Japanese government to tackle foreign exchange volatility. The repayment of the loan which has to be in Japanese yen undermines the company’s profitability as it converts either shillings or US dollars to yen. This poses a perpetual foreign exchange risk to the company if the exchange rate changes unfavourably before the currency is exchanged. To confront this challenge, the company would do... |
Union Cement’s earnings up 50% , UAE28 July 2009, Published under Cement NewsUnion Cement Co (UCC) yesterday reported profits for the first half rose by 50 per cent to Dh90m. The company realised the bulk of its profit, despite a 20 per cent decline in sales revenues, thanks to a 35 per cent decline in its costs. Last year, UCC began bringing online multi-fuel burners in its kilns, which has decreased its dependence on fuel and diesel in favour of cheaper coal fuel. The investment in the new burners has doubled UCC’s gross margin to 29.9 per cent despite experien... |
Cementos Portland 1H09 profit dips28 July 2009, Published under Cement NewsThe net profit of Spanish cement producer Cementos Portland Valderrivas fell by 69.7% on the year to EUR 20.6m (US$29.3m) in the first half of 2009, the company said today. The decline was due to a sharp fall in the construction business in the USA and Spain, the company told Spanish stock market regulator CNMV. The revenue in turn went down by 30% to EUR 537m for January to June, while the earnings before interest, tax, depreciation and amortisation (EBITDA) dipped by 35.2% to EUR150m. ... |
VHMEL to acquire 28.955 % shares of Pioneer Cement, Pakistan28 July 2009, Published under Cement NewsVision Holding Middle East Ltd (VHMEL), a company incorporated in British Virgin Islands has announced to acquire 28.955 percent shares of Pioneer Cement Ltd. According to an intimation to KSE here Monday, the Foundation Securities Ltd, the local agent on VHMEL, said that the acquirer had already purchased 24.599 percent shares of Pioneer Cement at Rs 22 per share on June 18, 2009. The company will start due diligence in next four months, to determine the final price per share for 28.955... |
Bain, CVC, 3i Eyeing HeidelbergCement Malaysian Assets28 July 2009, Published under Cement NewsPrivate equity firms Bain Capital LLC, CVC Capital Partners Ltd. and 3i Group PLC have shown interest in buying HeidelbergCement AG’s Malaysian assets worth at least US$200m, people familiar with the deal said Monday. In the latest disposal by the debt-ridden German cement maker, HeidelbergCement is selling the Malaysian assets it acquired when it bought U.K. building materials firm Hanson in 2007. HeidelbergCement has 40 ready-mixed concrete plants, 17 aggregate quarries and 20 asphalt pl... |
Umm Al-Qaiwain Cement 2Q net drops28 July 2009, Published under Cement NewsUmm Al-Qaiwain Cement Industries Co, a United Arab Emirates-based cement producer, said second- quarter profit slumped 96 per cent on investment losses and impairment provisions. Net income declined to AED2.9m, or AED0.008 dirham a share, from AED81.4m, or AED0.224, in the year- earlier period, the company said in a statement to the Abu Dhabi bourse today. Sales fell 5 percent to AED29.6m. Source: Bloomberg |