Cement News tagged under: corporate
HeidelbergCement achieves high acceptance rate for Italcementi share offer03 October 2016, Published under Cement NewsHeidelbergCement achieved a high acceptance rate in the mandatory tender offer to the remaining shareholders of Italcementi. According to provisional results, 165,371,229 Italcementi shares were tendered at the end of the subscription period, on 30 September 2016. In addition, HeidelbergCement purchased 14,000,000 Italcementi shares outside the offer on the stock exchange. Together with the 45 per cent stake already acquired from Italmobiliare on 1 July 2016, the tendered and acquired shar... |
Lafarge Zimbabwe finds cash shortages restrictive03 October 2016, Published under Cement NewsLafarge Zimbabwe's cement sales for the interim period "were subdued due to increased competitive activity in the total market following the influx of cement imports into the country as well as the entrance of a major competitor" in the Harare market. Cash shortages in Zimbabwe have caused delays in disbursing remittances to foreign creditors, the chairman of Swiss-based LafargeHolcim’s unit in the country, Lafarge Zimbabwe, said last week as the country readied itself for the introduc... |
West China Cement's merger with Anhui Conch collapses03 October 2016, Published under Cement NewsShares in struggling West China Cement plunged by as much as 34 per cent after a much-needed merger deal with the country''s largest cement maker collapses. Hong Kong-listed shares of West China Cement dropped as much as 34 per cent to HK$0.71 when it resumed trading Monday morning, compared to the previous close at HK$1.07. It was trading at HK$0.81 at 11:00 am (0300 GMT). Major rival Anhui Conch Cement offered nearly US$600m for a controlling stake in the firm late last year, but China'... |
Pakistan: Dewan Cement earns profits of US$14.25m03 October 2016, Published under Cement NewsDewan Cement Ltd informed Pakistan Stock Exchange (PSX) that it earned a profit after tax of PKR1.49bn (US$14.25m) in FY16 ending on 30 June 2016 compared to PKR709.66m in corresponding period last year. It translates a hefty growth of 110 per cent in profit on YoY basis. A notice duly signed by Muhammad Hanif German, company secretary and Haroon Iqbal, director, has stated that company sale was increased to PKR12.87bn in FY16 from PKR11.24bn of previous financial year. The company incur... |
Zimbabwe: PPC threaten shutdown over cheap cement imports30 September 2016, Published under Cement NewsDarryl Castle, PPC chief executive, has told the Zimbabwean government to curb imports of cement, or his company will close its mining operations in the country and import finished cement from South Africa. According to Bulawayo 24 News, cement producers in Zimbabwe are pushing the government to lower duty on raw material imports and to cancel – or at least review – all current import permits. The government has said it will impose a tariff of US$100/t on imported cement effective from... |
Saudi Arabia: Tabuk Cement delays opening of second clinker line30 September 2016, Published under Cement NewsTabuk Cement's second clinker production line will not now begin commercial operations until the second quarter of 2017, the company said in a statement to the Saudi stock market. The company attributed the delay to irregularities concerning capacity and specification of the line, adding that it would incur no additional cost or financial impacts due to the delay. |
Lafarge Zimbabwe losses increase to US$2.2m30 September 2016, Published under Cement NewsLafarge Zimbabwe has announced a 1H16 loss of US$2.2m, an increase from the 1H15 US$1.3m loss, the Insider reports. Competition from cheap imported cement and rising output from other domestic producers had had an impact on profits, as had softening demand caused by Zimbabwe’s economic difficulties, said the company. Despite this, sales revenues for the first six months of the year were up slightly, rising by 4.3 per cent to US$26.5m. Lafarge Zimbabwe Board Chair, Kumbirayi Katsande... |
Pakistan: Fecto Cement profit jumps 31.8% in FY15-1630 September 2016, Published under Cement NewsFecto Cement Ltd its financial results for the full-year period ended 30 June 2016. It reported profit after tax of PKR813.82m (US$7.78m) compared to PKR17.47m earned in corresponding period last year. This translates a growth of 31.8 per cent on YoY basis. The company declared a cash dividend of 20 per cent. The company has stated that its sales rose to PKR5.03bn from PKR4.77bn in last financial year. Thus, recorded a growth of 5.45 per cent on YoY basis. The company incurred less admi... |
United States: St Mary's Cement secures funding to expand North Michigan plant29 September 2016, Published under Cement NewsSt Mary's Cement, a subsidiary of Brazil's Votorantim Cimentos, has had its application for funding to expand its Charlevoix plant in north Michigan approved by the Michigan Strategic Fund (MSF), according to local news reports. The approval means that the company can access US$150m from the MSF to finance the project to increase capacity at the plant from 1.4Mta to 2Mta. In a statement, Stephen Gallagher, vice president of St Mary Cement Human Resources, said: “St Mary Cement is thril... |
Philippines: Eagle Cement to break ground on Davao plant29 September 2016, Published under Cement NewsEagle Cement has said that it will begin construction work on its new 2Mta cement plant in Davao in the south of the country on 20 October, according to reports in the Business Inquirer. Eagle Cement’s owner, Ramon Ang, first announced plans to expand Eagle’s capacity in June 2015, proposing to build two new plants in Davao and Cebu, as well as expanding the company’s existing facility in Bulacan. Mr Ang said that he expected the facility to begin commercial operations by March 2019. |