Cement News tagged under: corporate
South Korea begins selling stake in Ssangyong Cement03 July 2006, Published under Cement NewsCreditors of South Korea’s Ssangyong Cement have started the sale process of a 46 percent stake in the cement maker, officials at its creditors said. "Four creditors formed a committee in charge of the sale," said Choi Doo-young, an official at Seoul Guarantee Insurance Corp., one of Ssangyong’s creditors. "We are in the early stage of the sale," he added. An official at the state-run Korea Development Bank, who asked not to be named, said creditors have not yet set the timeframe on the de... |
Cementos Molins net profit increase, Spain30 June 2006, Published under Cement NewsSpain’s Cementos Molins plans to increase to EUR100m its net profit in 2006, compared to EUR84.1m registered in 2005. EBITDA is seen at EUR220m, up from EUR181m. Sales are expected to rise to EUR700m from EUR594m. The company says it plans to invest EUR120m to build a plant in Sant Vicenc dels Horts near Barcelona, northeastern Spain. The new plant is expected to start operations in 2008 and will replace the two Cementos Molins kilns in the same area. The company will also spend EUR6... |
Kesoram increases borrowing limit to meet expansion plans, India30 June 2006, Published under Cement NewsTo meet the expenses of its future expansion plans, Kesoram Industries Ltd on Thursday increased its borrowing limit to Rs 2,000 crore from Rs 1,000 crore. Shareholders of the company at its 87th annual general meeting (AGM) approved it. Mr BK Birla, Chairman of Kesoram Industries, however, said that it was just an enabling resolution. According to Mr Birla, the funds would be utilised for the expansion projects of the cement and tyre units. Currently the capacity expansion of the cement p... |
FCC ups 2006 forecasts, sees European buys30 June 2006, Published under Cement NewsSpanish construction and services group FCC wants to accelerate its growth through acquisitions and is looking at various opportunities in Europe where it could replicate its business model. "We’ve got various operations on the go at different stages," FCC Chief Executive Rafael Montes told reporters ahead of the group’s shareholders meeting on Thursday. "Our objective is Europe ... and we’re working on things including the UK, Czech Republic, Austria and Germany." Montes would not be dra... |
Merger at FLSmidth29 June 2006, Published under Cement NewsThe respective Boards of Directors of FLSmidth & Co. and Potagua FLS decided to carry out a taxable merger of the two companies with FLSmidth & Co. being the continuing company and Potagua FLS the discontinuing company. In connection with the merger the remaining shareholders in Potagua FLS will receive payment for their shares in Potagua FLS in the form of new FLSmidth & Co. shares based on the exchange ratio of 1:1.2122. The Boards of Directors consider a merger between FLSmidth & Co. an... |
Buyout will help CNBM boost output29 June 2006, Published under Cement NewsHong Kong-listed China National Building Material announced Wednesday it will pay 961.1 million yuan (US$120m) to fully acquire Xuzhou Conch Cement, in a move designed to boost its production capacity in Jiangsu province. “The acquisition will enable us to increase cement production capacity, strengthen competitiveness and expand our influence in the Huaihai Economic Zone in Jiangsu province,’’ Song Zhiping, chairman of Beijing-based China National Building Material, said in a statement... |
Lucky Cement clinches three gold medals29 June 2006, Published under Cement NewsLucky Cement clinched three gold medals in Sarhad Chamber of Commerce & Industry (SCCI) ’Businessman of the Year’ Gold Medal Awards for 2004-05 in categories of ’top investor’ in industrial sector, ’top importer’ and ’top sales tax payer’. Yonas Taba of Lucky Cement, he said, clinched three gold medals, while Mohammad Saleem of Gadoon Textile Mills was second with two gold medals. The gold medals have been awarded in cement, yarn cloth, plastic and electronics sectors. |
US Concrete to buy Alberta Investments affiliate29 June 2006, Published under Cement NewsUS Concrete Inc on Wednesday said it agreed to acquire all outstanding capital stock of Alberta Investments Inc. and its affiliate Alliance Haulers Inc. for US$165m. US Concrete, which provides ready-mixed concrete, said the acquisitions would help expand its operations in the Dallas/Fort Worth Metroplex market in the U.S and provide a strong position in the West Texas concrete market. Alberta Investments, which operates ready-mixed concrete plants, and Alliance Haulers, which provid... |
Siam City Cement in share buy-back29 June 2006, Published under Cement NewsSiam City Cement, Thailand’s second largest cement maker by capacity, said Thursday it will buy back up to 7.5 million shares, or three per cent of its total issued shares, for as much as THB1.8 billion. The plan is aimed to help reduce excess liquidity, the company said in a statement. The share buyback will be made on the Stock Exchange of Thailand and will run for six months from July 14 to Jan. 13. The company will later determine the offering price, based on the stock’s valuation durin... |
Cement cartelisation probe to be widened29 June 2006, Published under Cement NewsAll cement makers in India are set to answer some uncomfortable questions in the next few days. The Monopolies & Restrictive Trade Practices (MRTP) Commission has asked its investigation arm to broaden the scope of its probe into the suspected cartelisation in the cement sector. The investigation wing, which is at an advanced stage of probing the practices of top three cement makers in Hyderabad, will now seek information from over 60 companies across the country. According to commission so... |