Cement News tagged under: corporate
Chile: Blondot confirms Lafarge divestment plans21 July 2009, Published under Cement NewsIn a note to the Superintendencia de Valores y Seguros (SVS), the general director of Lafarge Chile, Xavier Blondot has admitted that the company is sounding out options regarding a proposed sale of its stake of 82.74% in the filial, the former Cementos Melon. Lafarge is carrying out a global plan of divestment to the tune of more than Euro$1bn. The group is also looking into other options other than a direct sale of the Chilean stake but interest from potential buyers such as Votorantim, ... |
Holcim Indonesia to appoint temporary president director20 July 2009, Published under Cement NewsPT Holcim Indonesia Tbk will soon appoint an official to temporarily take the post of president director left vacant by Timothy D. Mackay (61) who died in the bombing at Hotel JW Marriott on Friday. "The company will appoint a temporary president director which will be made public in the near future so that all business activities and services can run as usual," PT Holcim director of managerial relations, Rusli Setiawan, said at Dharmais Hospital here on Saturday. Timothy was one of the fa... |
L&T profit triples after stake sale in UltraTech Cement17 July 2009, Published under Cement NewsIndia’s biggest engineering and construction firm Larsen and Toubro Ltd (L&T) on Thursday said first quarter (Q1) profit more than tripled after it sold stake in a cement maker. Profit rose to Rs1,598 crore in the three months ended June from Rs502 crore a year ago, Mumbai-based L&T said in a statement. Sales rose 7% to Rs7,363 crore. Profit would have risen 15% to Rs578 crore without the Rs1,020 crore earned from selling the 11.49% stake in UltraTech Cement Ltd in June, L&T executive vic... |
Cemex completes MXN$2.2bn securitisation of accounts receivables17 July 2009, Published under Cement NewsCemex announced today that it has successfully raised MXN$2.2bn (approximately US$160m), through the securitisation of accounts receivables of the company’s Cemex Mexico and Cemex Concretos units. To fund the transaction, a trust (at HSBC Mexico) issued receivables-backed bonds maturing on December 29, 2011. This transaction does not represent new debt for Cemex as it is a sale of receivables on a non-recourse basis. The bonds were priced at a spread of 250bps over the 28-day TIIE ... |
Morgan Stanley sells US$80m block in Shanshui Cement16 July 2009, Published under Cement NewsMorgan Stanley Private Equity last night took advantage of the improved sentiment in the Hong Kong stock market over the past couple of days, as well as a renewed focus on the cement sector thanks to an ongoing initial public offering, to sell another batch of shares in China Shanshui Cement Group. This quick placement was priced at the top of the range, which resulted in total proceeds of HK$620m (US$80m). This was the second time in under three months that Morgan Stanley’s private equity a... |
Cemex expecting US$170m16 July 2009, Published under Cement NewsCemex expects to raise up to CHP2.3bn (US$170m) from a securitisation of accounts receivables Wednesday, the Wall Street Journal reported. Cemex plans to place the 2.5-year bonds at a spread of two percentage points over the 28-day TIIE interbank rate, which currently stands at 4.835%, the report said. Standard & Poor’s has assigned an mxAAA rating to the bonds, and local brokerage IXE Casa de Bolsa is the underwriter. The local subsidiary of HSBC Holdings PLC has been selected as the trus... |
Cemex to raise US$167m in debt sale15 July 2009, Published under Cement NewsCemex is planning to sell 2.5-year bonds worth US$167m, The Wall Street Journal reports. The Mexican cement maker has not yet determined the amount or timing of the deal. Local brokerage, Ixe Casa de Bolsa, will serve as the underwriter, while the Mexican arm of HSBC Holdings will be the trustee for the sale. Cemex is renegotiating the maturities on US$14.5bn in bank debt that comes due between 2009 and 2011. |
Readymix predicts €7m pre-tax loss15 July 2009, Published under Cement NewsReadymix has forecast it will post a pre-tax loss of nearly €7m for the first half of this year. The cement products and building materials company, predominantly owned by Cemex, had previously warned further full-year operating losses were on the cards this year, although substantially lower than the €47.3m losses reported for 2008. Yesterday, management said via a pre-close trading update ahead of the August publication of Readymix’s first half financial results that losses of about €6.9... |
Tabuk Cement Q2 net profit tumbles 45%14 July 2009, Published under Cement NewsSaudi Arabia’s Tabuk Cement Co said on Monday its 2009 second-quarter net profit dropped 45 per cent to SAR37.8m (US$10.1m) from SAR68.8m (US$18.3m) in the same period last year. In a statement posted on the Saudi bourse website, the company said its net profit for the first-half of the year reached SAR71.3m, down 40 per cent compared with SAR119.4m in the corresponding period in 2008. Tabuk said the reason behind the slump in profits was mainly due to lower cement prices. Earnings per sha... |
Yamama profit drops 27%, Saudi Arabia14 July 2009, Published under Cement NewsYamama Saudi Cement Co said on Monday its 2009 second-quarter net profit dropped 27 per cent to SAR165.3m (US$44.1m) compared to SAR227.8m (US$60.55m) during the same period last year on lower sales. First-half net profit also decreased, dropping 31 per cent to SAR291.3m, compared to SAR425.2m a year earlier, the company said in a statement posted on the Saudi bourse website. Earnings per share for the first six months of the year reached SAR2.16, compared to SAR3.15 during the respective ... |