Cement News tagged under: corporate
PPC Barnet opens new headquarters16 September 2020, Published under Cement NewsPPC Barnet Manufacturing is inaugurating its new headquarters in the heart of Kinshasa’s business district, Democratic Republic of Congo. The move represents the company’s new ambitions and development strategy in the domestic market, according to Zoom Eco. "Our new establishment makes it possible to enhance teamwork, promote communication between employees and above all bring our customers and stakeholders closer together," said PPC Barnet CEO, Iqbal Omar, during the opening ceremony. |
Cemex announces plans for a US$1bn bond issue15 September 2020, Published under Cement NewsCemex has announced plans to issue US$1bn in senior notes to raise funds for general operations, including paying off debt, according to Reuters. The bonds will have a coupon of 5.2 per cent and mature in September 2030, the company said in a filing to the country’s stock exchange. The offer will close on 17 September. Fitch Ratings has assigned the secured notes a rating of ‘BB-’. |
Maple Leaf Cement Factory Ltd posts PKR3.6m loss14 September 2020, Published under Cement NewsPakistan’s Maple Leaf Cement Factory Ltd (MLCF) has reported a loss of PRK3.559m (US$226.3m) for the year ended 30 June 2020. Brokerage Arif Habib Ltd in a report said, “Topline of the company witnessed a dip of 21 percent YoY to PKR6bn in 4QFY20 as its dispatches tumbled 20 per cent YoY to 1.02Mt tagged with lower retention prices in the region.” In FY20 revenue reached PKR29.11bn, up 12 per cent YoY as lower retention prices offset the impact of a 41 per cent YoY hike in sales to 5.163M... |
Gulf Cement receives approval to withdraw from Boursa Kuwait14 September 2020, Published under Cement NewsUAE-based Gulf Cement Co, once dually listed on Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), has obtained approval from Kuwait’s Capital Markets Authority to withdraw from the former. The last day for the trading of the company's shares on Boursa Kuwait will be on Monday, 14 December 2020, according to the company's disclosure to the ADX. |
Lafarge Zambia posts losses of ZMW12.3m in 1H2014 September 2020, Published under Cement NewsLafarge Zambia Plc has posted losses of over ZMW12.3m (US$615,000) during its financial half-year period ending 30 June 2020. The company saw increased production costs and the local kwacha currency devalued during the period. Lafarge Zambia will continue to focus on developing the export market to sustain its growth as the domestic market remains substantially oversupplied with the commodity. |
Mangala Cement Udyog told to withdraw product from market14 September 2020, Published under Cement NewsNepal Bureau of Standards and Metrology (NBSM) has barred Mangala Cement Udyog from selling certain products after they failed to meet the quality standard. During a market inspection, NBSM found Mangala Cement Udyog's PPC Ohm Mangala cement defective. According to NBSM officials, the collected specimen of cement had a compressive strength of 14MPa for three days and 19MPa for seven days. The NBSM-prescribed standards for the products are 16MPa and 22MPa, respectively. According to the NB... |
Cemex commences 'Operation Resilience'11 September 2020, Published under Cement NewsCemex has outlined its 'Operation Resilience' programme, its business strategy from 2020-23 on a risk-adjusted basis. The company announced a need to focus on its core US and European markets as well as in metropolises where market demand is growing. Fernando A González, Cemex's CEO, said the company will look to grow the profitability of the business through cost reductions and optimising the portfolio through divestments while redeploying its assets in new investments in its core busines... |
Asia Cement to purchase additional stake in Chiahui Power11 September 2020, Published under Cement NewsJapan-based Electric Power Development Co, also known as J-Power, is planning to sell its entire stake in Chiahui Power to Taiwan’s Asia Cement for TWD5.37bn (US$183m). The share sale is subject to the approval of Taiwan’s authorities. Asia Cement, by purchasing the 39.97 per cent share, will raise its stake in Chiahui Power to 99.7 per cent. J-Power initially acquired the Chiahui Power shares from Asia Cement in 2002 and invested around JPY8bn (US$7m) into the firm, making it its lar... |
Taiwan's producers see decline in August revenue10 September 2020, Published under Cement NewsTaiwan’s Universal Cement Corp has reported a 3.5 per cent YoY decline in August revenue to TWD366.9m (US$12.5m), against TWD380.4m in the same month of 2019. However, in the January-August 2020 period, the company posted an 8.7 per cent YoY rise in revenue to TWD3.44bn from TWD3.16bn. Elsewhere, Hsing Ta Cement saw a 14 per cent fall in August 2020 revenue to TWD625.7m from TWD727.9m last year. In the first eight months of the year, revenue dipped 7.4 per cent YoY to TWD4.54bn. |
Breedon welcomes CMA announcement on Cemex asset acquisitions10 September 2020, Published under Cement NewsBreedon welcomes today's announcement from the Competition and Markets Authority (CMA) that it has reasonable grounds for believing that the undertakings offered by Breedon in connection with its completed acquisition of certain assets and operations from Cemex, or a modified version of them, might be acceptable. These undertakings will require the divestment of a small number of ready-mixed concrete plants and an asphalt plant in England, as well as two quarries and a cement terminal in S... |