Cement News tagged under: corporate
Ethiopia: Dangote to establish production line for cement bags01 February 2017, Published under Cement NewsAliko Dangote has used his meeting with the Prime Minister of Ethiopia to outline his conglomerate’s plans to increase investment in the country, the Ethiopian Herald reports. In a press conference following the meeting, Dangote told reporters that he planned to manufacture cement bags in Ethiopia. The bags currently used by the Dangote Cement operations in the country had to be imported, costing the firm millions of dollars. "We are also opening a very big factory to produce cement ba... |
Cemex rating upgraded by S&P Global Ratings31 January 2017, Published under Cement NewsCemex announced today that S&P Global Ratings (S&P) upgraded its corporate credit rating in its global scale to BB- from B+. According to S&P, the upgrade reflects the company's sustainable deleveraging trajectory, improved profitability and its financial discipline to protect its liquidity. "We are pleased to see our discipline and consistency in reducing our leverage reflected in an improvement in our credit rating," said Jose Antonio Gonzalez, Cemex’s chief financial officer. “This sh... |
India: Shree Cement board approves new 3Mta plant31 January 2017, Published under Cement NewsShree Cement Ltd on Monday said its board had approved a plan to build a 3Mta plant in Karnataka at a cost of INR18,000m (US$265.3m). The proposed plant is expected to be ready by the quarter ending 31 December 2018, the company said in a regulatory filing.The project is to be funded by internal revenues not yet accounted by the company. Shree Cement’s board also approved on Monday the payment of a special dividend of INR100 per share. The company’s shares fell 1.3 per cent to INR15,677.30... |
Thailand: Siam Cement launches logistics firm31 January 2017, Published under Cement NewsSiam Cement Group (SCG) has partnered with Yamato Asia to launch logistics firm SCG Express with an investment budget of THB633m (US$17.9m). Nithi Pattarachoke, vice-president for the domestic market at SCG, said the trend towards e-commerce and a digital economy prompted the cement conglomerate to capitalise on the movement. SCG Express offers a range of delivery services such as temperature-controlled delivery and express office-to-office delivery. The company will initially serve... |
Peru: Cementos Pacasymayo announces phosphate spin-off launch date31 January 2017, Published under Cement NewsCementos Pacasmayo SAA and subsidiaries, has provided shareholders with an update regarding the status of its spin-off of phosphate project company called FOSSAL, SAA. Pacasmayo's CEO and the CEO of FOSSAL SAA established that 1 March 2017 was the effective day of the launch of FOSSAL SAA. This is subject to registration by the Peruvian Public Registry and compliance with the Securities Market regulations. |
India: Grasim Industries' 3Q net profit rises 14 per cent31 January 2017, Published under Cement NewsGrasim Industries reported a net profit of INR728,200m for the December quarter, up 14 per cent from INR640,470m on a YoY basis, helped by better realisations at its viscose staple fibre business. Net sales for the company rose one per cent to INR9470,950m. Analysts, on an average, were expecting a profit of INR819,400m on revenue of INR8806.850m, according to a Bloomberg poll. The consolidated results of the Aditya Birla Group company include the performance of UltraTech Cement, vis... |
India: labourers at Teriyklam cement seek payment31 January 2017, Published under Cement NewsTeriyklam cement factory has been accused by a Member of the Legislative Assembly (MLA) of not paying 42 labourers their wages for the past few months, from three villages of Odisha’s Ganjam. Digapahandi MLA and former Minister SN Patro has urged the State Labour Secretary to look into the issue. The labourers had been working at the Teriyklam cement factory in the Tuticorin district of Tamil Nadu, Mr Patro said. "When they demanded their money, the labour contractor threatened to registe... |
India: Malabar Cements Ltd official is arrested31 January 2017, Published under Cement NewsPrakash Joseph, legal officer of public sector Malabar Cements Ltd, was arrested on Monday by the Vigilance and Anti-Corruption Bureau (VACB), reports the Hindu. Malabar Cements Ltd is estimated to have madea finiancial loss of INR270m (US$3.98m). The State government-owned PSU had signed a contract with a company owned by businessman VM Radhakrishnan for cement retailing. Violating an agreement between the two firms, top officials of Radhakrishnan’s firm had withdrawn the mandatory secur... |
Egypt: Arabian Cement to reduce US$ loans30 January 2017, Published under Cement NewsThe Arabian Cement Company plans to accelerate the repayment of US dollar loans owed to banks during the current year to decrease the total value of these debts to EGP40m (US2.1m), compared to EGP65m (US$3.46m) in 2016. An official at the Arabian Cement Company told Daily News Egypt that the company made the decision to avoid the high cost of dollar debts after the Egyptian pound’s floatation in November, which increased the dollar price from EGP8.88 to more than EGP19. The source added... |
India Cements Ltd announce 3Q16 profits of US$519.6m30 January 2017, Published under Cement NewsIndia Cements Ltd registered net profit at INR35,340m (US$519.6m) for the third quarter ending 31 December 2016 in the back of strong sales volume and lesser cost of production. The cement company registered net profit at INR3160m during the corresponding quarter of the previous year. For the nine-month period, net profit surged to INR141,730m from INR79,460m registered during the year ago period. Declaring the results, India Cements Ltd Vice Chairman and Managing Director, N Srinivasa... |