Cement News tagged under: corporate
Cemex drops after S&P reduces credit rating to junk23 January 2009, Published under Cement NewsCemex fell to the lowest in a month after Standard & Poor’s cut its credit rating to below investment grade amid a slump in demand in the US and Mexico. Monterrey-based Cemex dropped 30 centavos, or 2.5 per cent, to MXP11.84 in Mexico City trading, the lowest since Dec. 24. “This has to increase their financing costs,” said Gonzalo Fernandez, head of equity research for Banco Santander SA’s Mexico City unit. “There are market participants that can’t buy debt that’s not investment grade.” ... |
Saudi Cement Q4 profit down 21 per cent22 January 2009, Published under Cement NewsSaudi Cement Company said the fourth-quarter profit fell 21 per cent to SAR131.7m (US$35.12m) after a government ban on exports. Saudi Arabia introduced the ban on cement exports in June to ease supply bottlenecks amid soaring demand across the region. ’The main reason for the decline is the ban on cement exports,’ it said in a statement on the bourse website. |
Cemex loses investment grade as S&P cuts rating22 January 2009, Published under Cement NewsStandard & Poor’s cut its credit rating for Cemex to junk status Wednesday, citing expectations that deterioration in key markets will hurt its cash flow. In its second downgrade in three months, S&P lowered Cemex’s rating to ’BB+’ from ’BBB-’, and said the rating could be lowered further or affirmed following a review. S&P also cut Cemex’s perpetual bonds rating to ’BB’ from ’BB+’. "The rating downgrades reflect our expectations that Cemex’s financial performance for 2009 will be under fu... |
Mangalam Cement announces buy-back21 January 2009, Published under Cement NewsMangalam Cement through VC Corporate Advisors made an announcement to the equity shareholders and beneficial owners of the company to buy-back a minimum of 7.25 lakh equity shares and a maximum of 44-lakh equity shares at a price not exceeding Rs.75 per share payable in cash for an amount not exceeding Rs. 2,150 crore. The date of opening of buy-back is February 05, 2009 and the last date of buy-back is January 16, 2010. |
Mangalam Cement up on buy-back approval, India20 January 2009, Published under Cement NewsMangalam Cement rose 5.07 per cent to Rs 52.80 on Monday as the board approved a buy-back at a maximum price of Rs 75 per share. The stock has gained nearly 15 per cent in the last one month when the benchmark Sensex lost close to 8 per cent. At a board meet held on Jan 17, the board approved buy-back of shares amounting to Rs 21.50 crore, constituting 9.94 per cent of the paid-up capital and free reserves as on March 31, 2008. The buy-back is subject to a minimum of 7.25 lakh shares at a ... |
Ssangyong Cement staff agree salary cut20 January 2009, Published under Cement NewsSsangyong Cement on Monday said all executives and staff will voluntarily return 10 to 30 per cent of their wages as part of efforts to weather the economic crisis. Labor and management decided on this in an attempt to split the pain caused by the global financial turmoil. |
TPI Polene sees return to profit in ’0920 January 2009, Published under Cement NewsThailand’s third-largest cement maker, said on Tuesday lower costs would drive a return to profit in 2009, but a debt refinancing was on hold while it talks to creditors. The company, which won approval from the Central Bankruptcy Court on Monday to leave a debt rehabilitation programme, was seeking more favourable loan rates from its creditors, director and founder Prachai Leophairatana told Reuters. "We will delay a debt refinancing programme because the market is not favourable. We will... |
JP Associates to commission 4Mt plant in 2-3 months19 January 2009, Published under Cement NewsJaiprakash Associates’ Q3 FY09 net sales stood at Rs 1,380.6 crore as against Rs 942.88 crore in the same period last year. The company’s net profit came in at Rs 165.51 crore as compared to Rs 155.8 crore. Commenting on the company’s numbers, Manoj Gaur, Executive Chairman, Jaiprakash Associates, said the drag in cement business is on account of high coal and fuel prices, and personnel expenses. "Engineering and construction numbers are better than estimates helped by the Yamuna Express Hi... |
Semen Gresik relies on internal cash19 January 2009, Published under Cement NewsPT Semen Gresik Tbk allocated internal cash worth IDR2.1-2.5 trillion to cover the US$371m capital expenditure in 2009. As per September 2008, internal cash stood at IDR3.3 trillion allotted to cover the routine needs worth IDR1 trillion and the capital expenditure worth the rest. President Director of Semen Gresik Dwi Sutjipto said the mounting use of internal cash is to minimise the financial crisis impact so that the management cut down the external loan as possible. "The firm capital ... |
Asia Cement (China) Holdings IPO Wins Regional Awards19 January 2009, Published under Cement NewsThe major integrated cement producer in the Central Yangtze River Region and the Sichuan Region, Asia Cement (China) Holdings Corporation’s initial public offering (IPO) has been honoured as outstanding achievement in the professional investment market at The Asset’s Regional Deal Award 2008. Asia Cement (China), with sole global co-ordinator BNP Paribas and joint bookrunners BNP Paribas and Royal Bank of Scotland (ABN AMRO), won the Best Mid-Cap Equity Deal by The Asset’s Regional Deal Awa... |