Cement News tagged under: corporate
Holcim Philippines refinances short-term borrowings with bank loan10 March 2009, Published under Cement NewsHolcim Philippines Inc. said it had taken a P2.45-billion loan from Banco de Oro Unibank to refinance maturing short-term borrowings, according to reports by Business Inquirer. Holcim is engaged in the manufacture, sale and distribution of four cement brands, namely, Holcim Premium Cement, Holcim Excel Cement, Holcim Duracem Cement and Holcim Wallright Cement. It is also a wholesale seller of clinker. |
CRH rights issue will generate €4bn acquisition fund10 March 2009, Published under Cement NewsCRH (Ireland) should be well placed to spend up to €4bn on acquisitions after its €1.2bn rights issue is completed, according to analysts at UBS, which is co-managing the fundraising with Davy, reports the Irish Independent. Market sources say there is strong institutional demand for the issue ahead of next Wednesday’s deadline for acceptance from shareholders. "You won’t see the underwriters being left with a large rump of stock," said one source, referring to the fact that UBS and ... |
Cemex starts debt renegotiation talks after failed bond sale10 March 2009, Published under Cement NewsCemex has started discussions with banks to renegotiate about US$14.5 billion of debt after a surge in borrowing costs forced it to shelve a bond sale, according to Bloomberg. Monterrey, Mexico-based Cemex’s U.S. shares sank to a nine-year low after the company said it was “indefinitely postponing” a planned $500 million international bond sale. The cost of protecting the company’s debt against default jumped to the highest in at least three years today, according to CMA Datavision. Cemex ... |
Cement stocks rally10 March 2009, Published under Cement NewsShares in Korean cement manufacturers jumped after negotiations between cement manufacturers and ready-mixed concrete makers were settled on Monday, reports Forbes. Both parties agreed to raise the prices of cement by 14.4 percent per tonne, a Ssangyong Cement spokesman said. Even though the settled price is lower than cement makers asked for last year, it will certainly help. Cement makers have been suffering from rising raw material prices and other manufacturing costs, said Sung Jun... |
Lafarge, Saint-Gobain to sell US$3.8bn in shares09 March 2009, Published under Cement NewsSaint-Gobain investors will be offered EUR1.5 billion of stock at EUR14 apiece, the supplier of glass and concrete products said . That’s 50 per cent less than Thursday’s closing price of EUR27.99. Lafarge, yet to announce terms, said its two largest shareholders, Groupe Bruxelles Lambert and NNS Holding, back the plan. The rights offerings highlight a deepening building slump at a time when the companies have spent more than US$25bn combined on acquisitions to expand globally. Saint-G... |
Cemex says bond sale still on, shares sink06 March 2009, Published under Cement NewsCemex said on Thursday that it still aims to issue US$500m in bonds internationally to help pay maturing debt, but its stock fell amid worries the company is struggling to sell the bonds, reports Reuters. Cemex plans to use free cash flow and asset sales to pay for most of its US$4.1bn in debt maturing this year. Reuters reported that Cemex declined to say when it would price the bonds. But investors in New York had expected the company to be ready to issue as early as this week. |
Titan launches buyout bid for Serbian Unit06 March 2009, Published under Cement NewsTitan on Thursday launched a buyout bid for the remaining 3.65% of Serbia’s Titan Cementara Kosjeric it does not own. Titan, acting through its Cyprus-registered subsidiary Tithys, aims to buy 130,732 stocks of the Serbian company offering 1873 dinars (US$25) per share, until March 26, Titan said in a filing to Serbia’s Central Securities Depository and Clearing House. Greek Titan paid US$35.5m for 70% per cent of Serbia’s cement plant Kosjeric in 2001 and took over its US$1.08m. Titan the... |
China National Building Materials plans US$146m joint venture06 March 2009, Published under Cement NewsChina National Building Material Co Ltd said on Friday it would set up a joint venture firm with registered capital of CNY1bn (US$146.2m) to develop the cement business in northern China. The locally listed cement and building materials producer said it would invest CNY450m for a 45 per cent stake of North Cement Co Ltd, a platform for developing and making acquisitions of cement businesses in Liaoning, Jilin, Heilongjiang and Inner Mongolia in China. The company said it would fund the de... |
Ciments Francais unit 2008 net drops06 March 2009, Published under Cement NewsItalcementi unit Ciments Francais posted a near 44 per cent fall in 2008 net profit and said 2009 would be another difficult year for the construction and materials sector. "Although several stimulus plans were announced in Europe and the United States, the group expects shrinking demand in developed countries and mixed demand in emerging countries," the Paris-listed unit of Italcementi said in a statement on Thursday. Net profit fell to EUR262.2m (US$329m) from EUR465.9m in 2007, while re... |
Indonesian Semen Bosowa cancels IPO plan05 March 2009, Published under Cement NewsIndonesian cement producer PT Semen Bosowa has decided to cancel its plan to launch an initial public offering (IPO) this year, given the uncertain condition of the market. The company based in South Sulawesi had earlier planned to launch IPO to raise IDR1trn (US$90m) to finance its investment. Bosowa chief executive officer Erwin Aksa Mahmud said the company chose to use only internal fund to finance its business plan this year. The company also decides not to pursue program of cooperati... |