Cement News tagged under: corporate
Prism Cement April-June net at INR742.5m07 July 2009, Published under Cement NewsPrism Cement Ltd on Tuesday posted a net profit of INR742.5 rupees on net sales of INR2.7bn for the quarter ended June 30, it said in a statement to the exchange. |
Qassim Cement to double capital to US$240m06 July 2009, Published under Cement NewsSaudi’s Qassim Cement Co said Saturday it will double its capital to SAR900m (US$239.9m) to meet the company’s current and future expansion. The company will use reserves and retained profits for the 10 riyals per share capital boost, and distribute bonus shares after getting regulatory approval, it said in a statement on the Saudi bourse website. The company will also distribute a cash dividend of 6 riyals per share, for a total of SAR270m, out of first-half profit, it said in a separat... |
Yamama to take 20% stake in Yemeni Saudi06 July 2009, Published under Cement NewsSaudi Arabia’s third biggest cement firm by sales, Yamama Cement, has said that it has agreed to take a 20% stake in the Yemeni Saudi Cement Company for US$15m. Yemeni Saudi Cement owns a cement plant near the Yemeni city of Aden with a design capacity of 1.4Mta and which is expected to start production next year. The deal must be approved by the assembly of shareholders in Yemeni Saudi Cement Co for the legal proceedings and the agreement to be finalised. |
HVB controls 6.4 per cent of HeidelbergCement03 July 2009, Published under Cement NewsUnicredit’s German unit HVB holds a 6.4 per cent stake in HeidelbergCement AG as part of a loan-for-shares swap with Ludwig Merckle, who saw his stake in the cement maker decline. A spokesman for Merckle’s investment vehicle VEM said the swap was part of a so-called repo loan whereby Merckle ceded parts of his stake to the bank, which, in turn, cancelled some of Merckle’s debt. |
Not much value in merging with UltraTech: Grasim02 July 2009, Published under Cement NewsGrasim Industries, the leading cement maker of the A V Birla group, is not enthusiastic at a proposal to merge with its subsidiary, UltraTech, as it does not see value in the process at this stage. It says investment bankers suggested merging after engineering giant Larsen & Toubro sold its residual 11.5 per cent stake in UltraTech to financial investors this month. Grasim acquired UltraTech cement from Larsen & Toubro in 2003. In 2005-06, it created a single marketing team for both compan... |
Vietnam cement firm plans share offer to raise capital02 July 2009, Published under Cement NewsBim Son Cement Joint Stock Company (BCC) has passed a plan to offer unsold shares from 2008 to raise its registered capital by 15.1% to VND1.1 trillion ($64.9m) from its current VND956bn, the firm said on its Website. The company will base share prices on the condition of the local stock market so that shares are offered at a reasonable price, which will not be less than VND12,244 each, it said in a statement. The proceeds will be used to invest in a new cement production line for the comp... |
HeidelbergCement puts Irvine Whitlock up for sale02 July 2009, Published under Cement NewsBrickwork contractor Irvine Whitlock is being put up for sale as part of the break-up of the Hanson’s building products operation. The firm’s owner, HeldelbergCement, announced last month that it would sell £1.7bn of assets to help pay off bank loans. The disposals form part of HeidelbergCement’s refinancing plan, which involves more than 50 international lenders. It now has a new syndicated loan agreement totalling £7.3bn running until December 2011. It had been expected to look to se... |
Cemex presents bank debt refinancing plan02 July 2009, Published under Cement NewsWith continued sales of some its mainstream businesses still very much in the headlines – the latest being the deal to sell all of its Australian interests to Holcim for approximately EUR1145m – news that Cemex is working hard on a refinancing plan to present to its core bank creditors, including Citigroup, Banco Santander, BBVA and the Royal Bank of Scotland, after it failed to sell US$500m of bonds in March comes as no surprise. In essence, Cemex, which took on short-term debt to pay for i... |
Cemex presents bank debt refinancing plan01 July 2009, Published under Cement NewsCemex said it’s in the process of presenting a refinancing plan to its core bank creditors that seeks to reschedule US$14.5bn in debt through 2014. In a press release Cemex said it’s presenting its proposal in two meetings. One was held Monday in New York and another is planned for today (Wednesday 1 July) in Madrid. Cemex said it’s making "significant progress with its core banks who represent a majority of the company’s outstanding bank debt." The main component of the plan is a credit ... |
CNBM buys parent’s cement biz at US$851m01 July 2009, Published under Cement NewsChina National Building Material (CNBM) has agreed to acquire from its controlling shareholder equity interests in certain companies which are engaged in cement production and sale. The total consideration payable in cash for the acquisition is RMB750m (US$850.687m). The equity interests are: 45% equity interest in Sanshi Hede; 38% equity interest in Shaoxing Sanshi; 40% equity interest in Jiande Sanshi; 49% equity interest in Tonglu Sanshi; 46% equity interest in Sanshi Jiaxing; 38% equity... |