Cement News tagged under: corporate
Titan buys back IFC minority stake in SE Europe/Egypt units22 November 2019, Published under Cement NewsGreece-based Titan said that its board of directors has approved the acquisition of the minority stakes held by the International Finance Corp in its units in Egypt and four countries of southeastern Europe for EUR81.8m. “This transaction will conclude Titan’s successful cooperation with IFC gradually established since 2008 in Albania, Egypt, Serbia, North Macedonia, and Kosovo,” the group said. The agreement is subject to fulfilment of conditions precedent, Titan said, adding that its p... |
Trinidad Cement reprimanded over dismissal of 16 workers22 November 2019, Published under Cement NewsTrinidad Cement Ltd (TCL) had been reprimanded by the Industrial Court for dismissing 16 workers without giving them prior notice. The President of the Industrial Court, Deborah Thomas-Felix, and members Albert Aberdeen and Morton Mitchell ruled that while TCL was guilty of an industrial relations offence, the court would not be taking further action as the Oilfields' Workers' Trade Union was complicit. The union filed the offence after TCL retrenched the workers in September 2018. The ... |
PPC's group revenue impacted by Zimbabwe21 November 2019, Published under Cement NewsPPC announced a group revenue of ZAR4.9bn (US$330.1m) and group EBITDA of ZAR868m for the six months ended 30 September 2019. Group revenue was down 12 per cent on results from the six-month period at ZAR5.6bn, which was attributed to a 17 per cent volume decline in group cement volumes. Group EBITDA was also affected by Zimbabwe's currency devaluation and hyperinflation as well as the trading environment in South Africa, plus a one-off restructuring costs of ZAR83m. When excluding PPC Zimb... |
Huaxin Cement Narayani resumes construction work after floods21 November 2019, Published under Cement NewsThe construction of Huaxin Cement Narayani’s plant at Dhading district, Nepal, has now resumed after a five-month stoppage due to floods. Incessant rains had damaged the construction site in mid-June this year. "As soon as the festivals were over, 400 Chinese workers including technicians and 300 Nepali workers started working," said Pitta Bahadur Dallakoti, chairperson of Benighat Rorang Rural Municipality. "Management of the factory's physical structure, office buildings, and river is be... |
Breedon Group revenues up to GBP800m in 10M1920 November 2019, Published under Cement NewsBreedon Group Plc has released results for the first 10 months to 31 October 2019 with revenues up by eight per cent to approximately GBP800m. The results included a 10-month contribution from the former Lagan Group that was acquired by Breedon in April 2018. Breedon said it had performed well, seeing improved EBIT and continuing robust cash generation during the 10-month period. "These results were achieved against the backdrop of a flat construction market in Great Britain, where lower... |
Cemex subsidiary to enter Chinese market20 November 2019, Published under Cement NewsCemex's venture capital unit has announced that it will be entering the Chinese market through a partnership with Glodon, a local provider of digital platform services for the industry, and Interdream Ventures, a venture capital firm seeking to digitise the construction and decoration industries. "This type of alliance between two joining segments is key to finding new successful business models and operating in the Chinese market," said Juan Nieto, Cemex Ventures' representative in Asia. ... |
Cemento Progreso acquires Cemento Interoceánico20 November 2019, Published under Cement NewsGuatemala-based Cemento Progreso has bought a 100 per cent stake in Panamanian cement producer Cemento Interoceánico, according to Panamá América. In an internal communication to its staff, Cemento Interoceánico informed its personnel that labour conditions would remain the same and there would be no change of leadership. |
HeidelbergCement outlines plans to raise Indian capacity19 November 2019, Published under Cement NewsHeidelbergCement is expecting to take both organic and inorganic routes to increase capacity to 20Mta from 12Mta in India, according to The Hindu. "We are looking for cement companies with a capacity ranging from 5-10Mta," said J N Cooper, managing director of HeidelbergCement’s Indian operations. “We are in talks with cement firms that do not want to get into the National Company Law Tribunal. But we are unable to give more details.” Regarding pending projects, he said the company is awai... |
Shree Cement reportedly raising over INR20bn through QIP offering19 November 2019, Published under Cement NewsIndia’s Shree Cement Ltd is reportedly in an advanced stage of raising more than INR20bn (US$278.36m) through a qualified institutional placement (QIP) offering, according to the Mint. "The money will be used for capex and debt reduction. They have been meeting investors for this purpose and are targeting to close this fundraise within this quarter," said a source for the Mint. "They could raise anywhere between INR20-INR30bn depending on demand from investors." In October the company had ... |
Semen Indonesia sees 41% rise in October sales19 November 2019, Published under Cement NewsSemen Indonesia Group, including SBI, reported a 40.8 per cent rise in sales volumes to 4,771,181t in October 2019 when compared with a volume of 3,388,174t in October 2018. Semen Indonesia, excluding SBI and TLCC, reported a 5.8 per cent uptick in sales to 3,342,839t from 3,159,448t. The company sold 2,877,048t in the domestic market, up 1.4 per cent YoY, and 465,791t to export markets, representing a 44.6 per cent increase on October 2018. Thang Long Cement Co (TLCC) sales increased b... |