Cement News tagged: Corporate
S&P puts Cemex ratings on Watch Positive
S&P Global Ratings has placed its 'BB-' global scale and 'mxA-/mxA-2' national scale ratings on Cemex on CreditWatch with positive implications. The recovery rating on all Cemex's rated senior debt remains at '3', which indicates that bondholders can expect a meaningful (50-70 per cent, in the higher band of the range) recovery in the event of a payment default. S&P writes: "Following our 3...
Yamama agrees raising credit facility limit
Yamama Cement announced that it has agreed with the National Commercial Bank (NCB) and Samba Financial Group to raise its sharia-compliant credit facility limit from SAR1bn to SAR3.6bn (US$266.6m to US$960m). The maturity date for the last instalments for these facilities is on 2 January 2025, the company said in a statement to the Saudi Stock Exchange. The new limits will be used to open n...
Trinetra minority shareholders challenge merger plan
Minority shareholders of Trinetra Cements, a subsidiary of India Cements, have approached India's National Company Law Appellate Tribunal (NCLAT), to challenge the planned merger of the two companies, Business Standard of India reports. Arvind Aggarwal and Ritu Aggarwal, who own around 2.4 per cent shares in Rajasthan-based Trinetra, have alleged there are various deficiencies in the merger s...
Buzzi Unicem strengthens position in Italy
Buzzi Unicem is expanding its position in northen Italy with the acquisition of Cementizillo SpA. A total of 47.9 per cent of Cementizillo’s share capital has just been acquired and the remaining 52.1 per cent will be purchased from Mr AG Zillo, the sole director, in early July. Some of the purchase price of EUR60m will be deferred, but only in respect of Mr Zillo, and an additional amount ...
CTLGroup appoints new CFO
CTLGroup has announced the appointment of David Mizwicki as Vice President and Chief Financial Officer. Mr Mizwicki will assume the responsibility for financial management, business performance and leadership of finance and accounting within the organisation, the engineering and materials science firm said in a statement. Prior to joining CTL Group Mr. Mizwicki has held several senior leaders...
Vulcan raises US$700m in public offering of senior unsecured notes
Vulcan Materials Company has raised US$700m in a public offering of senior unsecured 4.50 per cent notes due 2047. The notes bear an interest rate of 4.5 per cent per annum, payable semi-annually on 15 June and 15 December of each year, beginning from 15 December 2017. The notes will mature on 15 June 2047. The notes were issued at a price of 99.624 per cent plus accrued interest, if any, ...
Eagle Materials chairman to retire from board
Eagle Materials Inc announced that Laurence E Hirsch, chairman, informed he has decided to retire from the board. Richard R Stewart, currently vice chairman of Eagle Material, will succeed Hirsch as chairman.
Chad: President Idriss Déby opens CIMAF plant
Chad’s President, Idriss Déby Itno, inaugurated on Monday the new Lamadji cement plant just north of the capital, N’Djaména. The works marks the cooperation between the country and Morocco’s CIMAF and represents an investment of XOF23bn. It has a cement capacity of 0.5Mta, which can be further expanded to 1Mta.
Loma Negra board to consider equity offering
Cimpor announced that the board of directors of its subsidiary, Loma Negra (Argentina) has called for an Extraordinary General Meeting (EGM) to consider the necessary moves required for it to pursue an equity offering on the local and international capital markets. The move is among the initiatives undertaken by Cimpor “to reinforce its capital structure,” the parent company said in a stateme...
Semen Indonesia Jan-May sales up 10%
PT Semen Indonesia has recorded a 10 per cent increase in sales over the January-May 2017 period despite tough competition and a slower-than-expected uptake in infrastructure projects. "Sales in the period from January to May 2017 were up 10 per cent from last year," the company's Head of Communication, Sigit Wahono, told local press on Friday. He said sales in May were recorded at 2.9Mt, ...
Birla Corp reports strong 4QFY16-17
Cost efficiencies and good price realisations helped India-based Birla Corp post strong results in the final quarter of FY16-17. Revenue increased by six per cent YoY during the quarter driven by price realisation for the period which was up by 11 per cent YoY to INR4514 (US$70.1)/t. EBITDA was INR949m, down ~8 per cent yoy chiefly due to the cement division's lower-than-expected EBIT mar...
Lafarge Africa shareholders approve rights issue
Shareholders of Lafarge Africa Plc on Wednesday approved a proposal to raise NGN140bn (US$442m) in new capital for the cement group, local media have reported. The new capital raising will be undertaken through a rights issue, issuance of pre-allotted shares to existing shareholders in proportionate to their shareholdings. At the company's AGM in Lagos, shareholders mandated the board of...
Cemex to boost investment in Egypt
Cemex plans to boost its investments in Egypt, according to Cemex Egypt’s President, Ramon Piza. The company, which owns a 5.5Mta plant at Assiut, plans to invest US$20m in the country this year, Piza said following a recent meeting with Egyptian Minister of Investment and International Cooperation, Sahar Nasr, in Cairo, according to Egypt Daily news. Mr Nasr has welcomed the Mexican company...
Cal & Cemento Sur doubles capacity
Grupo Gloria has announced that the expansion of the Cal & Cemento Sur plant in Caracoto-Juliaca, Puno in southern Peru is in full swing. The project will double the current 1000tpd capacity following a US$80m investment. The upgraded plant is expected to come online at the end of this year. Cal & Cemento Sur will dispatch its product, Cal Viva, to the mining sector.
PPC revenue growth supported by rest of Africa cement business
PPC reported that group revenues for the year ending March 2017 rose by five per cent to ZAR9641m (US$750m). The growth was supported by the rest of Africa cement business where revenues rose by nine per cent, and the aggregates and ready-mix segment which saw revenues increase by 23 per cent. Group EBITDA decreased by 13 per cent to ZAR2065m while the EBITDA margin achieved was 21.4 per ce...
New manager of Beumer's cement business sector
Michael Brachthäuser has been appointed manager of the Beumer Group's cement business sector. A native of Cologne, Mr Brachthäuser (61) was appointed to the role in October 2016. He has previously worked as sales manager for a plant engineering company for the cement and ore industry, a leading international power station builder and a supplier of equipment and services for the cement indust...