Cement News tagged under: corporate
Al Jouf Cement appoints director general, Saudi Arabia10 September 2013, Published under Cement NewsAl Jouf Cement has appointed Eissa Baissa as director general, effective 15 September 2013. Prior to joining Al Jouf, Baissa was general manager of one the cement companies operating in Saudi Arabia, Al-Jouf said without disclosing the name. Al-Saleh has a Bachelor Degree in mining engineering from King Abdullah University of Science and Technology, and a Ph.D. in business administration from University of Atlanta, Georgia, USA. |
SibCement minority shareholders call for BoD election recount10 September 2013, Published under Cement NewsMinority shareholders of Russian producer OSJC Holding Company Sibcem have called for the board and relevant authorities to review the results of the Summer 2013 Board of Directors election results, according to a report by Moscow’s Globe Newswire. A statement by the Siberian Cement Minority Shareholders’ Association (SCMSA) said that they believe that the votes were possibly miscounted and therefore rendered the outcome of the count inaccurate. "Minority shareholders did not get a single s... |
Khai Hung Co acquires Vietnam firm06 September 2013, Published under Cement NewsKhai Hung Company has acquired a 51 per cent stake, or 10.2 million shares, of Vinaconex Xuan Mai Concrete & Construction JSC (XMC) from Vietnam Construction and Import-Export Joint Stock Corporation (or Vinaconex). The price of the deal was not disclosed, the Vietnam Securities Depository said in a statement. Vinaconex earlier planned to sell the same amount of shares of XMC at a minimum price of VND15,012 each, part of its plan to divest from non-core businesses. XMC now has a regi... |
New Mozambique plant project06 September 2013, Published under Cement NewsA 0.5Mta cement plant is due to be built in the Chibabava district of Mozambique’s central Sofala province, the country’s President, Armando Guebuza, announced. Mozambican news agency AIM reported that at a meeting with residents of Maxixe, a municipality in Inhambane province, President Guebuza noted that if electricity was available the cement plant, a result of cooperation with China, would already have been set up in the region. “There is an abundance of limestone in the region, whi... |
Sinai Cement first-half profit declines, Egypt06 September 2013, Published under Cement NewsSinai Cement reported a 30 per cent YoY decline in net profit for the first six months of 2013. The Egypt-based cement producer said that net profit fell to EGP50,991,171 (US$7.4m) for the six months compared to EGP 73,140,215 (US$10.6m) for the same period of last year. |
DG Khan Cement posts 34% rise in annual profit, Pakistan06 September 2013, Published under Cement NewsDG Khan Cement, part of the Nishat Group and one of Pakistan's largest cement manufacturers, posted a 34 per cent YoY increase in profit for fiscal year 2012-13. According to a notice sent by the company to the Karachi Stock Exchange, the company reported a net income of PKR5.5bn for the fiscal year 2013, compared PKR4.11bn in fiscal 2012. The rise in earnings was attributed to better cement prices and an increase in other income but were lower than analysts’ estimates due to a higher t... |
S&P lifts Cimpor outlook from stable to positive05 September 2013, Published under Cement NewsStandard & Poor’s has reaffirmed its ‘BB/B’ long and short term rating on Cimpor and InterCement, revising the outlook from stable to positive. The change follows the Outlook revision from stable to positive, keeping a ‘BB’ rating of Camargo Correa, which indirectly controls 94.2 per cent of Cimpor share capital. According to the rating’s agency, the outlook revision to positive based on the successful integration of InterCement and Cimpor assets and on the expectation that the new cement ... |
ACC plans to list on Egypt stock market05 September 2013, Published under Cement NewsArabian Cement Co (ACC) is preparing to list on Egypt’s stock market and has submitted a proposal to the Misr for Central Clearing, Depository and Registry (MCDR) to be centrally registered. The company told Zawya News that the company will be added to the central registry as soon as the review is completed. Arabian Cement is 68 per cent owned by Spain-based Cementos La Unión. |
Tanga 1H hit by competition, higher costs04 September 2013, Published under Cement NewsTanzania-based cement producer Tanga Cement reported a 36.7 per cent drop in first-half net profit due to increased competition and operating costs. For the six months to the end of June 2013, net profit fell to TZS10.5bn (US$10.3m) from TZS16.6bn. "The low sale volume, together with reduced selling prices, reduced sales revenues by eight per cent to TZS122.62bn," company chairman, Laurence Masha, said in the statement. Kiln maintenance undertaken in May should reflect positively in th... |
Tong Yang sells waste heat recovery plant, South Korea04 September 2013, Published under Cement NewsSouth Korea-based cement producer Tong Yang Cement Corporation has sold a waste heat recovery plant to Samcheok Energy, a company invested by a private equity fund run by Macquarie Korea Opportunities Management, Ltd. The acquisition was made for a consideration of KRW40,000m. Tong Yang Cement is one of South Korea's largest cement producer by capacity. Its major plant at Samcheock has seven NSP precalciner kilns and five mills, capable of around 10Mta cement, with another 10 per cent a... |