Cement News tagged under: corporate
Workers strike at PPC Slurry18 October 2017, Published under Cement NewsThe National Union of Mineworkers (NUM) said that its members of PPC Cement's Slurry plant near Mafikeng, South Africa, have embarked on a strike over wages. The NUM said that PPC must close the wage gaps that exist within the company, as it feels that the management is creating the wage gaps instead of closing them. This comes after the NUM gave PPC Cement a notice to strike on Sunday last week and workers commenced with the industrial action on Monday. The NUM demands a 12 per cent wag... |
Qatar National Cement sees 32% drop in net profit in 3Q1718 October 2017, Published under Cement NewsQatar National Cement Co disclosed its interim financial statement for the period ended 30 September 2017. The company's 3Q net profit is QAR242.805m, down 31.7 per cent compared to QAR355.482m for the same period of the previous year. Earnings per share (EPS) amounted to QAR3.72 for the 3Q17 (QAR5.44 fin 3Q16). |
CILAS sees Biskra plant inauguration18 October 2017, Published under Cement NewsThe new cement plant at Biskra by CILAS was inaugurated on 17 October 2017 in the presence of the Minister of Industry and Jean-Jacques Gauthier, CEO of LafargeHolcim Algérie, among others. CILAS is a joint venture between the Algerian Souakri Group and LafargeHolcim with a 51-49 per cent share split. The new Biskra plant has a production capacity of 2.7Mta and will enable Algeria to be self-sufficient in its cement supply, particularly to the southern part of the country. The project... |
RHI AG and RHI Magnesita merger set for 26 October17 October 2017, Published under Cement NewsThe merger of RHI AG with its wholly-owned subsidiary RHI Magnesita NV should become effective on 26 October 2017. Upon such effectiveness, RHI AG will cease to exist as legal entity. The Dutch Authority for the Financial Markets (AFM) has approved the prospectus for admission to listing of RHI Magnesita shares on the Premium Listing segment of the Official List of the UK Financial Conduct Authority and to trading on the London Stock Exchange’s Main Market for listed securities. Acco... |
PIC increases shareholding in PPC17 October 2017, Published under Cement NewsCement producer PPC reported on Monday, 16 October, that the Public Investment Corporation (PIC) had increased its shareholding in the South African cement company, which is currently mulling bids from several parties that are vying for its shares. AfriSam, supported by Canada's Fairfax Africa Investments, made an offer in September to buy R2bn of PPC ordinary shares at ZAR5.75 a share (US$0.43). The offer includes a ZAR4bn recapitalisation of AfriSam before any merger. The PIC, which i... |
Yamama Cement sees 3Q profit fall17 October 2017, Published under Cement NewsYamama Cement reported a 30.5 per cent YoY fall in sales to SAR164m (US$43.7m) in 3Q17 from SAR236m in 3Q16. The company’s net profit decreased 48.1 per cent from SAR56.3m to SAR29.2m over the same period. |
JSW Cement Ltd plots 20Mta capacity by 2019 with IPO17 October 2017, Published under Cement NewsJSW Cement Ltd signalled its intention to expand capacity to 20Mta from its current 12.5Mta and launch an initial public offering (IPO) sometime after the 2019 general election, the company's Managing Director, Parth Jindal, said on Monday. Mr Jindal said that the capital raised through the IPO will be used to further expand capacity as the company aims to be one of the top three cement manufacturers in the country. The capacity expansion will be implemented by setting up a new 1.2Mta ... |
Venezuela: Llas Lanadas commissions Line 216 October 2017, Published under Cement NewsOn Friday, 13 October the second line of the Las LLanadas plant in Trujillo, Venezuela, was commissioned, increasing the cement works’ capacity by 0.5Mta to 1.35Mta. Line No 2 includes a 64m-long kiln and General Lynch Dávila, president of the Corporación Socialista de Cementos, which owns the cement plant, said that the company’s technology “is a model throughout the South American region.” "We also have a large warehouse in which 12,000t of cement will be stored and two bulk dispatch... |
Jalan Cement faces forensic audit16 October 2017, Published under Cement NewsSecurities and Exchange Board of India (SEBI) has ordered for a forensic audit of Jalan Cement Works, after finding prima facie evidence of misrepresentation of financials by them. The watchdog has ordered the appointment of independent forensic auditors to verify any misuse of the books of accounts or funds as well as any misrepresentation including of financials and business of the firm. SEBI is currently investingating 331 'suspected shell companies'. With regard to Jalan Cement Wor... |
PPC is a new target for CRH13 October 2017, Published under Cement NewsCRH is among companies considering a counterbid for PPC that could trump an offer by Canada’s Fairfax Financial Holdings, according to Bloomberg sources. PPC’s future has been considering a merger with rival AfriSam Group failed and Toronto-based insurer Fairfax made a partial offer for ZAR2bn (US$149.5m) of PPC stock at ZAR5.75/share. PPC has a market value of ZAR11bn (€689m). Fairfax’s offer is conditional on PPC merging with AfriSam, and the South African company has appointed Invest... |