Cement News tagged under: corporate
GK Goh buys 13.6% stake in cement company Tasek07 March 2007, Published under Cement NewsGK GOH Holdings has bought a 13.6 per cent stake in Malaysian-listed cement company Tasek Corporation Bhd for about RM86m (S$37m). It said yesterday that it bought the stake of 24.9 million shares through its wholly owned subsidiary Canistel Pte Ltd. Most of the shares were acquired through a block trade, with additional shares acquired through the stock market, said GK Goh. The average consideration is RM3.43 per share, marginally lower than Tasek’s book net tangible assets per share ... |
Saudi Yamama Cement 2006 net profit up to $160.4m07 March 2007, Published under Cement NewsThe net profit of Saudi cement producer Yamama Cement Company (YCC) stood at SAR601.2m (US$160.4m) for 2006, an increase from SAR500.9m (US$133m) a year ago. YCC posted a net profit of SAR145.9m (US$38.9m) for the third quarter of 2006, up from SAR134.8m (US$35.9m) a year ago. |
Aveng keeps talking to Holcim over sale of shares to BEE group06 March 2007, Published under Cement NewsAveng is continuing its “constructive engagement” with Holcim over a proposed R6.82bn deal aimed at giving Holcim South Africa a black-controlling shareholder. Carl Grim, Aveng’s chief executive, said this meant the firms were talking to each and not writing lawyers’ letters. Aveng, South Africa’s biggest construction and engineering firm, is a 46 per cent shareholder in Holcim SA. It has a pre-emptive right to the shares that Holcim of Switzerland is planning to sell to a black e... |
Egypt’s Sinai Cement says 2006 profit up 58 per cent06 March 2007, Published under Cement NewsEgypt’s Sinai Cement reported a 58 percent increase in 2006 net profit to E£286.9m (US$50.3m), the company said in a statement to the stock exchange on Monday. Net profit in 2005 was E£182m. HSBC has downgraded its price target for the shares to E£40 from E£47 and maintained its "underweight" rating for the stock. Most cement and steel stocks in Egypt have been hit after a government decision late in February to impose duties on exports of cement and steel. |
Gresik targets 3% rise in sales this year05 March 2007, Published under Cement NewsIndonesia’s largest cement producer PT Semen Gresik said it is targeting a 2-3 per cent increase in cement sales to 16.47Mt this year after zero growth last year. The income of the state-owned company is projected to rise 7-8 per cent from Rp7.9 trillion (US$877.5m) in 2006, its Finance Director Cholil Hasan said. Hasan said he expected no sharp increase in demand for cement this year despite ambitious infrastructure projects of the government and rehabilitation of flood devastated... |
Semapa FY sales up four per cent as weak cement ops offset strong Portucel05 March 2007, Published under Cement NewsSemapa SGPS said sales grew four per cent to EUR1.547bn last year from a restated EUR1.490bn in 2005 as weak sales at its Secil cement division offset firmer ones at its Portucel - Empresa Produtora de Pasta e Papel SA unit. In a statement, Semapa said Secil’s revenue grew just one per cent due to the weak domestic construction sector in Portugal, where sales fell one per cent while volumes sold increased two per cent. Weakness in the domestic cement market is expected to continue o... |
Private equity sniffing Rinker05 March 2007, Published under Cement NewsThe major private-equity groups are preparing to enter the bidding for takeover target Rinker, an analyst’s report claims. The move comes as the besieged building materials group’s hostile takeover battle with Mexican cement giant Cemex enters its sixth month. Rinker management’s rejection of the $A16.50-a-share offer was further vindicated by the price-earnings ratio paid in a recent similar international deal that shows Cemex may have to lift its bid to $20 a share. Rinker c... |
Readymix FY pretax profit up 32 per cent02 March 2007, Published under Cement NewsIrish cement maker Readymix PLC reported a 32 per cent rise in full-year pretax profit, as a result of favourable economic conditions and a range of performance improvement initiatives. Pretax profit came in at EUR42.59m, compared with EUR32.26m last year, and operating profit rose 25 per cent to EUR41.78m. Operating profit before exceptional items went up 48.2 per cent to EUR19.57m. Revenue fell by 1.1 per cent to EUR245.37m, a decrease which Readymix said was in line with the ces... |
Bío Bío 2006 profits surge 82% to US$89m02 March 2007, Published under Cement NewsChilean company Cementos Bío Bío saw net profits climb 81.9% to 48.0bn pesos (US$88.8m) last year compared to the 26.4bn pesos posted in 2005, the company reported to the country’s securities regulator (SVS). In 2006, Bío Bío recorded revenues of 330bn pesos, up 3.1% from the previous year. Bío Bío’s operating profit decreased, however, to 38.7bn pesos in 2006, due mostly to increased energy costs. The company had reported 41.7bn pesos in operating profits the previous year. It sold 1... |
Rival takeover pressures Cemex bid02 March 2007, Published under Cement NewsCemex is under new pressure to jack up its US$12.8bn ($16.3bn) hostile takeover bid for Rinker after the latest play by Holcim for Canada’s St Lawrence Cement Group. Holcim, the world’s second-largest cement maker that controls 79 per cent of St Lawrence’s voting rights, said it would pay C$571m (US$620m) to mop up the remaining 21 per cent of St Lawrence it does not own. St Lawrence, a producer of cement and concrete aggregates, operates in Canada and the eastern seaboard of the US. ... |