Cement News tagged: Corporate
CRH full-year development spend
CRH announced a total of seven acquisitions and investment initiatives in the second half of 2013, taking full-year development activity to EUR0.69bn. The company invested EUR0.22bn in the six months to the end of December last year, including one transaction in Asia, three under its American Materials division and a further three in its Distribution segment. Commenting on the these develop...
EC rejects request by Germany to review deal
The European Commission (EC) has rejected a request from Germany to refer the planned acquisition of Cemex West by Holcim to the German competition authority for assessment under national competition law. The EC concluded that the geographic scope of the affected cement markets is wider than national and that therefore the Commission cannot refer the assessment of the transaction to Germany...
Yanbu Cement full-year net profit rises 14.3%
Yanbu Cement Co’s net profit rose 14.3 per cent YoY to SAR832m (US$219.4m) in 2013, the company announced in a bourse filing. Operating profit increased to SAR847m from SAR757m in 2012. The company attributed the rise to higher sales without giving exact figures. The Saudi-based producer reported earnings per share of SAR5.23, up from SAR4.57.
Ha Tien 1 lists 120m new shares on HOSE
Ha Tien 1 Cement JSC has received approval from the Ho Chi Minh City Stock Exchange (HOSE) to float 120m new shares on the bourse. The shares, earlier sold to Vietnam Cement Industry Corporation (Vicem) to reduce debt, will be listed on 8 January and tradable starting 22 December 2014. The additional share listing will help the company raise its total listed volume to 318m shares. (Source: Vi...
Saigol appointed chairman of Maple Leaf Cement
Maple Leaf Cement Factory Ltd (MLCFL) has appointed Tariq Saeed Saigol as chairman of the company for a term of three years. Company secretary Muhammad Ashraf on Friday announced that MLCFL's board of directors confirmed the appointment, effective 1 January 2014.
Dujiangyan Lafarge Cement stake to be acquired
Sichuan Shuangma Cement plans to issue 148m shares to Lafarge China Overseas Holding at CNY832m (US$137.4m) to acquire a 25 per cent of Dujiangyan Lafarge Cement. Lafarge China currently holds 48.14 per cent of Shuangma Cement. Net assets of Dujiangyan Lafarge Cement were appraised at CNY3.33bn by September end 2013, appreciating 20.62 per cent.
Fujian Cement raises CNY87.8m from disposal of Industrial Bank shares
Fujian 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, Ethiopia
Habesha 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...
EAPCC in spat with CMA over Lafarge appointment
East 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 sha...
Lafarge sells minority stake in gypsum operations
Lafarge 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 KHD
AVIC 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 st...
Pakistan: Lahore Stock Exchange delists Mustehkam Cement after Bestway merger
Lahore 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 works
UltraTech 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 i...
CCI approves UltraTech acquisition of Jaypee’s Gujarat assets
The 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 Ind...
Star Ferro to consolidate cement operations, India
Star 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 F...
USA: Saint-Gobain sells Its fibre cement business
Saint-Gobain has signed an agreement for the sale of its US-based Fibre Cement business to Plycem USA, a subsidiary of Elementia of Mexico in which Lafarge holds 47 per cent of shares in its 2Mta Cementos Fortaleza plant. This business is part of Saint-Gobain's Exterior Products activity of the construction products segment. It manufactures and sells fibre cement siding, trim and accessory pr...