Cement News tagged: Corporate
Penna Cement secures approval for IPO
India’s Penna Cement Industries Ltd has received approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO). The company’s proposed IPO size is INR15.5bn (US$223.7m), with the offer comprising of fresh shares worth INR13bn and INR2.5bn of shares from the promoter, PR Cement Holdings Ltd. The company is expected to use INR10bn of the fresh net pr...
YTL Corp sees cement revenue fall 4% in 9MFY19
YTL Corp Bhd released disappointing results for the 9MFY19 for its cement division. Cement revenue was down by four per cent YoY, but earnings were up 96 per cent YoY. The Malaysian company reported lower a sales volume impacting its top line. YTL Cement's margins improved significantly given the higher selling price and lower operating expenditure. The recent 51 per cent acquisition of Lafa...
Emami Cement looks to expand limestone mining capacity
India’s Emami Cement Ltd has announced plans to expand its limestone mining capacity from 5.5Mta to 9Mta at its operations in Kukurdih of Raipur district, Chhattisgarh. The project is expected to be spread over 395ha of land and represent an investment of INR10bn (US$144.35m). While environmental clearance is currently being awaited, work on the expansion is projected to begin by May 2020.
IMP Automation Group boosts FLSmidth mining portfolio
Following the approval of the competition authorities, IMP Automation Group has now officially become a part of FLSmidth. With the acquisition, first announced in February, FLSmidth completes its portfolio of automated laboratory solutions for the mining industry. "With the closing of the deal, we can now start the next phase in our product evolution. The benefits of the joint portfolio are ...
Sri Chakra Cement closes FY18-19 with INR55.9m net loss
Sri Chakra Cement reported a net loss of INR35.8m (US$515,506) in the quarter ended March 2019 compared to a net profit of INR16.9m in the year-ago quarter. The company’s sales increased 65.5 per cent to INR498.2m in January-March 2019. In the first three months of 2018 it achieved sales of INR301.1m. For the full FY18-19 a net loss of INR55.9m was reported (FY17-18: net profit of INR1.2m)...
Ramco Cements to invest INR35bn in expansion programme
India’s Ramco Cements has confirmed plans to invest INR35bn (US$501m) to expand its production capacity from 12Mt to 20Mt by 2020, following the conclusion of the country’s general election. "The uncertainty has ended and stability is back at the centre," said P R Venketrama Raja, chairman and managing director, Ramco Cements. "We expect the new government to focus on major infrastructure pro...
Eagle Materials to separate heavy and light material businesses
USA-based Eagle Materials’ board has approved a plan to separate its heavy materials and light materials businesses into two publicly-traded entities. Earlier this month, Sachem Head Capital Management, which disclosed a nine per cent stake in the company in March, reportedly urged the company to separate its cement and wallboard businesses, according to Reuters. Eagle Materials’ heavy mate...
Lafarge Malaysia announces new managing director
Lafarge Malaysia has announced the appointment of Michael Yeoh Sock Siong as managing director of the company effective from 31 May. The company stated that he has been repositioned from the previously-announced role of executive director to MD. Members of the Yeoh family, which controls the YTL group, joined the Lafarge Malaysia board two weeks ago after its acquisition by YTL Cement.
Argos opens packaging plant in Dominica
Argos, a cement company of Grupo Argos, has opened a new packing plant on the island of Dominica in the Caribbean to allow a more reliable and timely supply of cement. The plant's packer has three nozzles and a capacity of more than 1000 bags per hour. The scope of the project includes structural and ergonomic improvements and the replacement of the system's dust collector, which will allow f...
Anhui Conch elects Gao Dengbang as chairman to board
China-based Anhui Conch Cement Co Ltd has elected Gao Dengbang as chairman to the board during its eighth Board of Directors meeting. In addition, Wang Jianchao was appointed vice chairman, while Dai Guoliang retired as independent non-executive director of the company.
Lafarge Malaysia reduces net loss in 1Q19
Lafarge Malaysia successfully reduced its net loss to MYR32.07m (US$7.64m) in the 1Q19, compared with MYR68.73m of the year-ago period. However, revenue saw a minor 1.5 per cent YoY fall to MYR538.7m from MYR546.8m, with the decrease attributed to lower cement sales caused by market conditions. The company noted that key infrastructure projects will help reduce the domestic cement industry’s...
Ultracem plans new Honduran plant
Construction growth and increased cement demand in Honduras are prompting cement producer Ultracem to make plans for a new cement plant in Cortés in the northwest of the country. At present, the company has invested US$2m and employs 60 people in its current operations. The new plant is expected to push up employment to 100 but an investment amount has not been disclosed. “The short-term p...
Sama Cement reduces stake in Sinai Cement
Sama Cement has announced that it has sold around 2m shares in Sinai Cement, decreasing its stake in the company from 9.689 per cent to 6.75 per cent, according to a statement released to the Egyptian Stock Exchange. The total value of the transaction was estimated at EGP16.5m (US$981,985), based on a price of EGP8.25 per share. The news follows El Sewedy Cement selling its 7.476 per cent sh...
Vicat's Egyptian market share targeted to reach 5%
Vicat has a market share of under three per cent in Egypt, but Tamer Magdy, CEO of Vicat Egypt, claims that the company will achieve profit early next year, while it aims to take its market share to five per cent. Vicat acquired Sinai Cement, its Egyptian subsidiary near Al-Arish, in 2003. The Egyptian market has been challenging for Vicat and it stopped production in the 1Q18. The commission...
Raysut Cement recycle bulk carrier
The Raysut II bulk cement carrier of Raysut Cement Co of Oman was re-floated and recycled recently, according to shipping industry sources. Resolve Marine Group completed the complicated wreck removal of bulk cement carrier Raysut II and also made arrangements to off load damaged cargo at port of Salalah, Oman. The vessel was owned by Raybulk Navigation Inc, a subsidiary of Raysut Cement....
Hong Leong Asia looks to complete Tasek Corp takeover
Singapore-listed Hong Leong Asia is looking to take Malaysia’s Tasek Corp private in a deal worth an estimated MYR128.61m (US$30.6m), according to The Edge. The company currently controls 80.8 per cent of Tasek through two subsidiaries, HL Cement (Malaysia) and Ridge Star, and has submitted a voluntary takeover offer to acquire the remaining shares. Together, the subsidiaries hold 97.89m o...