Cement News tagged under: corporate
Yamama agrees raising credit facility limit20 June 2017, Published under Cement NewsYamama Cement announced that it has agreed with the National Commercial Bank (NCB) and Samba Financial Group to raise its sharia-compliant credit facility limit from SAR1bn to SAR3.6bn (US$266.6m to US$960m). The maturity date for the last instalments for these facilities is on 2 January 2025, the company said in a statement to the Saudi Stock Exchange. The new limits will be used to open new letters of credit worth SAR500m, as well as Murabaha facilities at SAR 2.1bn, financial website M... |
Trinetra minority shareholders challenge merger plan20 June 2017, Published under Cement NewsMinority shareholders of Trinetra Cements, a subsidiary of India Cements, have approached India's National Company Law Appellate Tribunal (NCLAT), to challenge the planned merger of the two companies, Business Standard of India reports. Arvind Aggarwal and Ritu Aggarwal, who own around 2.4 per cent shares in Rajasthan-based Trinetra, have alleged there are various deficiencies in the merger scheme sanctioned by the Chennai bench of National Company Law Tribunal (NCLT) in April. The petiti... |
Buzzi Unicem strengthens position in Italy19 June 2017, Published under Cement NewsBuzzi Unicem is expanding its position in northen Italy with the acquisition of Cementizillo SpA. A total of 47.9 per cent of Cementizillo’s share capital has just been acquired and the remaining 52.1 per cent will be purchased from Mr AG Zillo, the sole director, in early July. Some of the purchase price of EUR60m will be deferred, but only in respect of Mr Zillo, and an additional amount may become payable if the average cement price over the 2017-2020 period were to exceed a certain le... |
CTLGroup appoints new CFO19 June 2017, Published under Cement NewsCTLGroup has announced the appointment of David Mizwicki as Vice President and Chief Financial Officer. Mr Mizwicki will assume the responsibility for financial management, business performance and leadership of finance and accounting within the organisation, the engineering and materials science firm said in a statement. Prior to joining CTL Group Mr. Mizwicki has held several senior leadership positions in finance and accounting. He recently was CFO of TRM a healthcare services business f... |
Vulcan raises US$700m in public offering of senior unsecured notes19 June 2017, Published under Cement NewsVulcan Materials Company has raised US$700m in a public offering of senior unsecured 4.50 per cent notes due 2047. The notes bear an interest rate of 4.5 per cent per annum, payable semi-annually on 15 June and 15 December of each year, beginning from 15 December 2017. The notes will mature on 15 June 2047. The notes were issued at a price of 99.624 per cent plus accrued interest, if any, from June 15, 2017 with yield to maturity of 4.523 per cent. In addition, Vulcan Materials has al... |
Eagle Materials chairman to retire from board19 June 2017, Published under Cement NewsEagle Materials Inc announced that Laurence E Hirsch, chairman, informed he has decided to retire from the board. Richard R Stewart, currently vice chairman of Eagle Material, will succeed Hirsch as chairman. |
Chad: President Idriss Déby opens CIMAF plant13 June 2017, Published under Cement NewsChad’s President, Idriss Déby Itno, inaugurated on Monday the new Lamadji cement plant just north of the capital, N’Djaména. The works marks the cooperation between the country and Morocco’s CIMAF and represents an investment of XOF23bn. It has a cement capacity of 0.5Mta, which can be further expanded to 1Mta. |
Loma Negra board to consider equity offering13 June 2017, Published under Cement NewsCimpor announced that the board of directors of its subsidiary, Loma Negra (Argentina) has called for an Extraordinary General Meeting (EGM) to consider the necessary moves required for it to pursue an equity offering on the local and international capital markets. The move is among the initiatives undertaken by Cimpor “to reinforce its capital structure,” the parent company said in a statement. The EGM will be held on 3 July in Olavarría, Argentina. |
Semen Indonesia Jan-May sales up 10%12 June 2017, Published under Cement NewsPT Semen Indonesia has recorded a 10 per cent increase in sales over the January-May 2017 period despite tough competition and a slower-than-expected uptake in infrastructure projects. "Sales in the period from January to May 2017 were up 10 per cent from last year," the company's Head of Communication, Sigit Wahono, told local press on Friday. He said sales in May were recorded at 2.9Mt, bringing the cumulative total for the first five months of the year to 11.5Mt. |
Birla Corp reports strong 4QFY16-1712 June 2017, Published under Cement NewsCost efficiencies and good price realisations helped India-based Birla Corp post strong results in the final quarter of FY16-17. Revenue increased by six per cent YoY during the quarter driven by price realisation for the period which was up by 11 per cent YoY to INR4514 (US$70.1)/t. EBITDA was INR949m, down ~8 per cent yoy chiefly due to the cement division's lower-than-expected EBIT margin. The cost per tonne rose 14 per cent YoY of this, freight costs rose 12 per cent YoY, and power ... |