Cement News tagged under: corporate
PPC says slower domestic economic growth hurting volumes15 September 2014, Published under Cement NewsSouth Africa's largest cement producer, PPC, has said slower domestic economic growth and declining infrastructure spending has resulted in a "particularly tough" domestic market. “Low single-digit” volume declines across Africa’s second-biggest economy were partly offset by higher selling prices in the 10 months through July, the company said today in a statement. PPC is expanding in new African countries as it targets 40 per cent of sales outside its domestic market by 2017, compared... |
CIMB upgrades Semen Indonesia14 September 2014, Published under Cement NewsAnalysts at CIMB has upgraded Semen Indonesia to an add rating and lifted its target price from IDR17400 (US$1.46) to IDR18300 following a substantial government-mandated increase to dividend payouts of cash-generative state-owned enterprises. "While it remains to be seen if such high payout would continue into 2016, Semen Indonesia can afford to do so if asked, in our calculation, with marginal impact on profit-and-loss and balance sheets," CIMB writes. It calculates that the company'... |
Sagar reportedly looking to acquire BMM Ispat cement assets12 September 2014, Published under Cement NewsSagar Cements is reportedly planning to acquire the cement business of Bangalore-based BMM Ispat Group. Local press report anticipate that the deal is likely to be sealed in a couple of weeks. BMM has a 1Mta cement manufacturing unit at Tadipatri in Anantapur district of Andhra Pradesh. The acquisition would benefit Sagar as it would provide easy access to southern markets. The company recently sold its joint venture stake in Vicat Sagar Cements for INR435bn. Sagar Cements plans to use... |
Ash Resources’ new Commercial Manager, South Africa12 September 2014, Published under Cement NewsAsh Resources, South Africa’s leading manufacturer and supplier of fly ash products, has appointed Nicola Viljoen as its new Commercial Manager with effect from 1 September 2014. In her previous role as Senior Purchasing Manager for Lafarge Gypsum, she is credited with transforming the company’s complex purchasing and contracting function, which handles the multiplicity of specialised products and systems in the building interior fitting business. |
Grupo Argos raises US$509m in bond sale11 September 2014, Published under Cement NewsGrupo Argos, the parent company of Colombia's leading cement producer Cementos Argos, has raised COP1trn (US$509.4m) in a bond sale on Wednesday that was more than doubly oversubscribed, the company said in a filing to the financial regulator. Grupo Argos said the issue enabled it to restructure debt which it said would now come due in 6.3 years instead of 1.5 years, a period it said matched its investment needs well. More than half the bonds sold will come due in 10 or 15 years though o... |
Ashaka Cement stake changes hands11 September 2014, Published under Cement NewsLafarge Group has sold 58.61 per cent of its stakes in Ashaka Cement Plc to Lafarge Africa Plc in a deal valued at NGN41bn (US$252m). Lafarge sold 1.3bn ordinary shares of its Ashaka Cement at NGN30.95 each. The sale follows the company's decision to merge its Nigerian and South African assets into a single unit, Lafarge Africa Plc. In creating Lafarge Africa, the group will sell the entirety of its 72.4 per cent stake in South African unit while relinquishing control of equity stake in... |
EC clears Holcim and Cemex Spanish deal10 September 2014, Published under Cement NewsThe European Commission (EC) has cleared, under the EU Merger Regulation, the proposed acquisition of Holcim’s Spanish operations by Cemex, the last of three transactions under scrutiny in the European tie-up between the two global majors. Following an in-depth investigation launched in April 2014, yesterday the Commission concluded that the acquisition "would not raise competition concerns since the merged entity will continue to face sufficient competition from its rivals in all markets ... |
Court of Appeal postpones Ahangarancement case in Uzbekistan10 September 2014, Published under Cement NewsThe Board of Appeals of the Tashkent Regional Economic Court adjourned the case on the claim of the Russian Eurocement Group holding due to the decision to invalidate the privatisation of Ahangarancement JSC. "The sitting was postponed at the request of the plaintiff," the representative of the court said. Representatives of the Eurocement Group asked for extra time in order to strike an amicable agreement with the defendant - the State Committee for Privatization, Demonopolisation and ... |
Dubai to acquire interest in Dangote Cement09 September 2014, Published under Cement NewsInvestment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, has agreed to purchase a minority interest in Nigeria's largest cement manufacturer, Dangote Cement plc, from majority shareholder, Dangote Industries Ltd. Under the terms of the agreement, which was signed at a ceremony in Dubai attended by HE Mohammed Ibrahim Al Shaibani, executive director and CEO of the Investment of Corporation of Dubai and Aliko Dangote, president and CEO of Dangote Industr... |
Taiheiyo dissolves Xinjiang joint venture09 September 2014, Published under Cement NewsTaiheiyo Cement has ended a Chinese joint venture with a Xinjiang-based company in response to government efforts to cut excess capacity in the cement sector. Following calls by Beijing to curb investment in the cement industry to ease oversupply concerns and given the business environment in the regional industry, Taiheiyo and Xinjiang Tianye decided to break off the agreement, according to a Nikkei Report. The joint venture agreement had initially been signed at the end of 2012 bet... |