Cement News tagged under: corporate
Cemex makes substantial progress in Its Refinancing plan24 December 2008, Published under Cement NewsCemex announced today that it has made significant progress towards extending debt maturities originally scheduled for 2009. CEMEX had previously communicated that it had selected five banks to coordinate a global effort to i) negotiate new long-term syndicated bilateral facilities to replace existing short-term bilateral facilities, ii) extend the maturity by one year of a portion of the US$3bn Rinker acquisition syndicated loan facility due in December 2009 and iii) amend the leverage rati... |
Holcim decreases 1.9 per cent, P/E improves to four23 December 2008, Published under Cement NewsHolcim, Switzerland’s largest Construction company by market capitalisation, fell for a third day on Monday bringing its three-day fall to CHF3.10 or 5.1 per cent. The share price decreased CHF1.15 (or 1.9 per cent) to CHF58.25. Compared with the Swiss Market index SMI® Price index which fell 40.3 points (or 0.7 per cent) on the day, this represented a relative price change of -1.2 per cent. As a result of the price decline the Price/Earnings multiple based on trailing 12 months earnings ha... |
HeidelbergCement hit by a 52 week low23 December 2008, Published under Cement NewsHeidelbergCement Germany’s largest Building Materials company by market capitalisation, hit a 52-week low of €26.45 during the day, but closed higher on Monday. In the last three months the stock has hit a new 52-week low nineteen times, pointing to a significant downtrend. The share price soared €3.23 (or 12 per cent) to €30.24, ending a three-day streak of losses. Compared with the DAX index which fell 57.7 points (or 1.2 per cent) on the day, this represented a relative price change of 13... |
Heidelberg stake surrender may not hit Mysore Cements just yet23 December 2008, Published under Cement NewsGermany’s Merckle family may have to surrender a 53 per cent stake in HeidelbergCement to a group of banks, according to agency reports. It’s not clear what impact this would have on Mysore Cements, an Indian company in which the German firm holds a 54.89 per cent stake. On Monday, news agency Bloomberg reported that the Merckle family had been forced to pledge their stake in HeidelbergCement to a consortium of 30 banks, led by Commerzbank, Deutsche Bank and Royal Bank of Scotland, to raise... |
UltraTech Cement: Hold22 December 2008, Published under Cement NewsShareholders of Ultra Tech Cement can continue to hold the stock, as the current valuations have already factored in the prospect of a slowdown in earnings. The quarters beginning March 2009 are likely to reflect cost savings by the company on the fuel front. A 60 per cent fall in international coal prices since July, a slump in shipping rates and a cut in domestic fuel rates are all set to lower the company’s costs and strengthen margins. The stock trades at an attractive enterprise value p... |
Steppe Cement Ltd Director Appointment19 December 2008, Published under Cement NewsSteppe Cement Limited has appointed Malcolm Brown to its Board of Directors with immediate effect as a non-executive chairman. Mr Brown, 62 years of age, is a UK national with a background as an analyst and corporate finance adviser. He has significant experience with the European building materials sector and has been involved in a number of cement related transactions. Mr Brown worked with HSBC Investment Bank and its predecessor James Capel for 34 years as a director, senior analy... |
Investors look beyond Cemex woes to debt18 December 2008, Published under Cement NewsReuters: Investors looked past slumping sales at Cemex, and snapped up the stock on Tuesday on optimism the company would refinance its looming debt payments. The shares of the Monterrey-based cement producer (CMXCPO.MX: Quote, Profile, Research)(CX.N: Quote, Profile, Research) surged 8.68 percent on the Mexico City stock exchange and 9.28 percent in New York in midday trading on Tuesday, despite weak fourth quarter result forecasts on Monday night. Cemex, which is facing a sharp slowdown... |
HeidelbergCement stocks17 December 2008, Published under Cement NewsHeidelbergCement AG gained 5.6 percent to EUR31.92, snapping a three-day drop. Germany’s billionaire Merck family, which controls the country’s biggest cement maker, yesterday said it has moved closer to an agreement with banks after receiving a proposal from its creditors on Dec. 12. |
Pakistan: ratings of four cement companies downgraded16 December 2008, Published under Cement NewsThe Pakistan Credit Rating Agency Limited (PACRA) has downgraded four cement companies and anticipates a difficult operating environment for the cement sector in the foreseeable future. PACRA views business risk to be on the rise, even though the industry currently enjoys healthy gross margins backed by sustained higher sales’ prices and recent decrease in variable costs. However, an already 20 percent decline in local dispatches and slumping demand expected in the upcoming season are all s... |
Holcim Says Morocco Bond Successfully Placed16 December 2008, Published under Cement NewsHolcim Ltd said Monday its unit Holcim (Maroc) S.A. has issued a 7-year bond over CHF208m in the Moroccan capital market with a 5.49% coupon p.a. The proceeds will be used to refinance existing debt and for general corporate purposes. This transaction reflects the financing policy of the Holcim Group to secure liquidity and lengthen the average debt maturity. This and other financings since October 2008 in the total amount of more than CHF500 million will allow Holcim to again substantiall... |