Cement News tagged under: corporate
Lafarge upgraded to ’hold’ at SG Securities30 January 2006, Published under Cement NewsShares in Lafarge SA have been upgraded to ’hold’ from ’sell’ at SG Securities, with an increased fair value target of Euro 89 from Euro 63, dealers said. SG said Groupe Bruxelles Lambert’s 6.5 per cent stake in Lafarge gives the stock a speculative aspect and makes a substantial restructuring of the company more likely. |
Orascom announces intention to raise capital30 January 2006, Published under Cement NewsOrascom Construction Industries announced that following an Extraordinary General Meeting (EGM) convened last Wednesday to successfully approve the increase of OCI’s authorized capital from EGP 2 billion to EGP 5 billion, the OCI Board of Directors has announced its intention to pursue an increase of the Company’s paid-in capital by conducting a rights issue for its existing shareholders. The Company’s Board will shortly announce the terms of such an offering following a final Board decision ... |
Saudi Cement Net Profit Up 10.7%30 January 2006, Published under Cement NewsSaudi Cement, the country’s third largest cement firm, yesterday posted a net profit of SR484.3 million (US$129m), up 10.7 per cent from the previous year. Net profit in 2004 reached SR437.5 million, it said in a statement on the bourse’s website. The company’s first-half year net profit rose 24 per cent to SR248.9 million. |
Hanson expands US concrete activities30 January 2006, Published under Cement NewsHanson has acquired PaverModule, a leading producer of concrete paving in Florida, with five plants and a staff of 170, two in Fort Myers, two in Pompano Beach and one production site in Haines City. Turnover amounted to approximately US$45m in 2005 and the assets amount to around US$45m. This brings Hanson’s acquisition spending in 2006 so far to around £60m (€87m), with the other deal of note being Red Bank Manufacturing, which makes clay and concrete products in England. |
Holcim substantially increases Indian exposure30 January 2006, Published under Cement NewsHolcim is further consolidating its relationship with Gujarat Ambuja Cements Ltd., the third largest Indian cement producer by acquiring a 14.8% stake from the founding Neotia and Sekhsaria families and making a public tender offer to acquire a further 20% of the shares in the company at a maximum cost of US$560m. The founding families, who established Gujarat Ambuja Cements in 1981, will be retaining a 9.0% stake in Gujarat Ambuja Cements, and are passing control in the company to Holcim. ... |
GBL acquires stake in Lafarge27 January 2006, Published under Cement NewsBelgian holding company Groupe Bruxelles Lambert SA has amassed a 6.5 per cent stake in France’s Lafarge SA over several months after it decided the cement giant was undervalued, said Thierry de Rudder, GBL’s managing director. He declined to comment on GBL’s long-term strategy on Lafarge. GBL, headed by Belgian financier Albert Frere, has holdings in the construction industry. The Lafarge buy is its first venture into the cement sector. Lafarge’s stock closed up 6.6 per cent at Euro 85.5... |
Lucky Cement first half earnings up27 January 2006, Published under Cement NewsLucky Cement after tax profits have increased by 111.8 per cent in the first six months of the current financial year on the back of higher turnover and gross profit compared with corresponding period of the previous financial year. Atif Malik, an analyst at Jahangir Siddiqui Capital Markets, said healthy increase in the company’s profitability in the first half of the financial year 2006 was anticipated. The expectations such increase was mainly on the back of higher cement dispatches and ... |
Ciments Francais higher as Exane raises target26 January 2006, Published under Cement NewsShares in Ciments Francais rose as Exane BNP Paribas increased its target price on the cement company to Euro 125 and reiterated an ’Outperform’ rating, dealers said. The new target reflects a three per cent upward revision of the broker’s earnings estimates and still includes a 25 per cent discount to the group’s value on a DCF (discount cash flow) basis, Nicolas Godet and Arnaud Pinatel of Exane said in a note to clients. ’Ciments Français is well positioned for 2006, with good trends exp... |
Exane ups Lafarge to "outperform"26 January 2006, Published under Cement NewsExane BNP Paribas on Thursday raised its rating for Lafarge , the world’s biggest cement maker, to "outperform" from "neutral", citing savings from an expected restructuring among other factors. Exane BNP Paribas also lifted its price target for the stock to Euro 97 from Euro 82. |
Credit Suisse cuts Semapa voting rights26 January 2006, Published under Cement NewsCredit Suisse International reduced its holding in cement and paper maker Semapa SGPS to 23,095,800 shares, equal to 19.52 per cent of capital and 19.98 per cent of voting rights, through the sale of 164,000 shares on Jan 3, Semapa said in a statement to CMVM, the Lisbon bourse regulator. CSI previously held 23,259,800 shares, amounting to 19.66 per cent of capital and 20.12 per cent of votes, the company added. The Swiss company sold the shares through a ’hedging’ operation on behalf of cli... |