Cement News tagged under: corporate
Lafarge and the Sarbanes-Oxley Act30 March 2006, Published under Cement NewsLafarge announces the results of its assessment of its internal control over financial reporting, carried out in accordance with the provisions of section 404 of the Sarbanes-Oxley Act. These results, which confirm the efficiency of the Group’s internal control over financial reporting, have been certified by Lafarge’s auditors. Bruno Lafont, CEO of Lafarge, commented: "This project has mobilized thousands of our employees around the world over a very short period of time and I am proud of ... |
Portland Cement quizzed on auditing procedures30 March 2006, Published under Cement NewsAnalysts have asked Portland Cement Limited, whose majority shareholder is Lafarge, to engage an independent auditing firm to investigate the financial scam that has resulted in the loss of K258 million. The company said within 48 hours of media reports that unveiled a financial scam at the company, it alerted its internal auditors Deloitte Touche Tohmatsu to investigate the fraud. However, analysts said Tuesday it was wrong for the company to hire the same auditors who failed to uncover th... |
FLSmidth and Iraq’s oil for food programme30 March 2006, Published under Cement NewsThe Public Prosecutor for Serious Economic Crime has decided to raise charges against FLSmidth A/S as well as against several other Danish companies. According to the United Nations report, the case against FLSmidth concerns five deliveries of spare parts to the Iraqi cement industry of an aggregate value of approximately DKK14.5m, the alleged payment of commission amounting to DKK580,000 or nearly four per cent of the total contract value. As previously mentioned in the Danish press, FLSm... |
Holcim open offer for Guj Ambuja rescheduled, India29 March 2006, Published under Cement NewsHolcim’s open offer, to acquire 20 per cent stake from the shareholders of Gujarat Ambuja Cements (GACL), has been rescheduled for later this week. The offer, at Rs 90.64 per share, was delayed following technical issues raised by the Securities & Exchange Board of India (Sebi). “It should be out either on Wednesday (March 29) or Thursday,” said a spokesperson of Gujarat Ambuja Cements. “Sebi has sent an observation letter to the company on some technical grounds. But this shouldn’t take m... |
Yanbu Cement to triple its dividends, Saudi Arabia29 March 2006, Published under Cement NewsYanbu Cement Co announced yesterday that it will triple its dividends for the second half of 2005. The company will pay SR15/share in dividends for the second half, following a six-per cent increase in the company’s net profit in 2005. The company made this announcement following the approval of the company’s general assembly on Sunday to distribute 30 per cent of the second half profits to its shareholders. With this paying scheme, the company’s overall dividends for the entire year reached... |
Misr Beni Suef Cement 2005 profit jumps, Egypt29 March 2006, Published under Cement NewsThe net profit of Egyptian Misr Beni Suef Cement (MBSC) jumped to E£132.8m (US$23.2m) in 2005 from E£51.5m (US$9m) in 2004, the company said in a statement to Cairo and Alexandria Stock Exchanges (CASE). MBSC’s net profit soared 290 per cent YoY to E£101m (US$17.6m) in the first nine months of 2005, the Egyptian News Digest said. The upsurge in earnings resulted mainly from the 40 per cent increase in net sales to E£284.5m (US$49.6m). The cost of sales rose 31.6 per cent to E£138.33m (US$24... |
Saudi Cement Co net profit rises28 March 2006, Published under Cement NewsSaudi Cement Company (SCC) posted a net profit of 484.3 mln Saudi riyals ($129.1m) for 2005, up from 437.5 mln riyals ($116.6m) a year ago. The increase was supported by a rise in total revenue to 565.7 mln riyals ($150.8m) from 514.8 mln riyals ($137.3m). Total expenses increased to 65.5 mln riyals ($17.5m) from 60.2 mln riyals ($16.1m). |
Ambuja Cement Eastern’s managing director resigns28 March 2006, Published under Cement NewsAmbuja Cement Eastern Ltd. said its managing director, Harshavardhan Neotia, had resigned and will act as an additional director. The company also said on Monday its board had appointed Ramit Budhraja as chief executive officer and manager. Both moves will come into effect on April 1. |
Carib Cement says its prepared for lawsuits28 March 2006, Published under Cement NewsCaribbean Cement Company Limited says it has coverage in place in the event that it’s slapped with lawsuits arising from its recent product recall. A statement from its parent company Trinidad Cement Limited, TCL, says product liability insurance is in place to address valid financial claims. TCL says a team comprising in-house personnel and independent consultants is investigating all reports of losses due to inferior quality cement released from its Rockfort Plant. The Incorporated Master... |
Ashaka Cement raises turnover by N3.2bn28 March 2006, Published under Cement NewsNigeria’s Askaka Cement Company Plc raised turnover by N3.2 billion from N12.6 billion in a comparable period of 2.4 to N15.8 billion for the year ended December 31th 2005. The audited results for the period under review show that the company’s profit after tax also increased by N1.03 million from N3.4 million in a comparable period of 2004 to N4.43 million in 2005. The company’s director recommended a dividend of N2.32 per share. The date of closure of register of members stood at March 20t... |