Cement News tagged under: corporate
Fujian Cement raises CNY87.8m from disposal of Industrial Bank shares03 January 2014, Published under Cement NewsFujian Cement Inc has sold a combined 12m shares in Industrial Bank Co Ltd at CNY10/share between 30-31 December 2013, the company announced in a statement. The Fujian Province-based cement manufacturer will earn CNY87.82m (US$14.5m) in investment income from the deal. Fujian Cement continues to hold 50.4 million shares in the Industrial Bank. |
Habesha secures letter of credit for new plant project, Ethiopia02 January 2014, Published under Cement NewsHabesha Cement SC has secured a letter of credit (LC) for its Chinese contractor from the Eastern & Southern Africa Trade & Development Bank (commonly known as the PTA), Fortune reported. The PTA agreed to co-finance the project earlier this year by lending US$50.4m. The LC, which was required before the factory equipment could be imported, had hindered the Chinese contractor from beginning work on the plant, Mesfin Abi, CEO of Habesha, said at a press conference held on 26 December at t... |
EAPCC in spat with CMA over Lafarge appointment31 December 2013, Published under Cement NewsEast African Portland Cement Company (EAPCC) has gone to court, seeking to lift the suspension of its annual general meeting resolutions by the Capital Markets Authority (CMA), according to a report in Kenya’s Business Daily. The company argues that the CMA lacks the mandate to suspend the resolutions since AGMs are overseen by the Registrar of Companies. CMA suspended the resolutions by shareholders two weeks ago following a protest from the government, which is the majority shareholder. ... |
Lafarge sells minority stake in gypsum operations30 December 2013, Published under Cement NewsLafarge is to sell its remaining 20 per cent minority stake in its European and South American gypsum operations to Belgian building materials group Etex for an immediate cash consideration of EUR145m. The transaction, which is subject to customary closing conditions, is expected to be completed in the coming weeks, the French multinational announced on Thursday. |
AVIC completes takeover offer for KHD30 December 2013, Published under Cement NewsAVIC International Beijing Company announced on Friday the successful completion of a voluntary public takeover offer for shares in German equipment supplier KHD Humboldt Wedag. The takeover offer was conducted jointly by an indirectly wholly-owned subsidiary of AVIC International Beijing Company Ltd and three other bidders. AVIC International Beijing said it bought a 40.465 per cent stake in KHD via a voluntary public takeover offer and acquired an additional 19.03 per cent from indi... |
Pakistan: Lahore Stock Exchange delists Mustehkam Cement after Bestway merger27 December 2013, Published under Cement NewsLahore Stock Exchange has delisted Mustehkam Cement as the company merges with Bestway Cement on 26 December. The move finalises a process that saw Mustehkam Cement shareholders approve the merger last May with the Islamabad High Court following suit on 30 September 2013. |
India’s EAC gives UltraTech green light for Tamil Nadu works27 December 2013, Published under Cement NewsUltraTech Cement has been given the go-ahead by the Expert Appraisal Committee (EAC) on its 5.5Mta cement works and a 75MW captive power plant in the Karur and Dindigul districts of Tamil Nadu, India. The new dry-process works will be built with preheater and precalciner technology on a 136ha site and represents an investment of INR25bn. It will source its 6.7Mta requirement of limestone in Grasim Industries’ Thennilai quarry while 0.525Mta petcoke will be procured from Reliance Industri... |
CCI approves UltraTech acquisition of Jaypee’s Gujarat assets24 December 2013, Published under Cement NewsThe Competition Commission of India (CCI) has given UltraTech Cement the green light to purchase Jaypee's cement facilities in Gujarat. The CCI order, released on Monday, said that the “proposed combination is not likely to have an appreciable adverse effect on competition in India". The deal, which was announced in September this year, will strengthen UltraTech's leading position in the Indian market and give it a foothold in the state of Gujarat. The acquisition comprises an integrated c... |
Star Ferro to consolidate cement operations, India24 December 2013, Published under Cement NewsStar Ferro and Cement Ltd plans to demerge its cement and ferro alloy divisions and consolidate its cement business under its subsidiary Cement Manufacturing Co Ltd, Sajjan Bhajanka, promoter and director of the company, has said. Star Ferro and Cement currently holds 70 per cent in Cement Manufacturing Co. "Star Ferro and Cement will cease to exist. We will rename it as Shyam Century Ferros Ltd. The cement operations will go to Cement Manufacturing Co Ltd," Bhajanka told Cogencis in ... |
China National Building Materials (CNBM)20 December 2013, Published under Cement NewsCNBM’s engineering arm, China Triumph International Engineering Group Co Ltd (CTIEC), has been contracted to modernise Italcementi’s 1.2Mta clinker line at its Shymkentcement JSC plant in Kazakhstan. The launch ceremony of the new line took place earlier this month. The project is expected to take 20 months to complete and is due on-stream in the second half of 2015. CTIEC has also signed an EPC contract for a new 4200tpd cement production line in Algeria. Located in the southern city of... |