Cement News tagged: Corporate
Fitch affirms Siam City Cement rating, outlook Stable
Fitch Ratings (Thailand) Limited has affirmed Siam City Cement Public Company Limited's (SCCC) National Long-Term rating at 'A(tha)', its National Short-term rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. The ratings reflect SCCC's leading market position as the second-largest cement and ready mixed concrete producer in Thailand. This has helped ...
Vinaconex plans to sell stake in Cam Pha Cement, Vietnam
Vietnam Construction and Import-Export JSC (Vinaconex), plans to sell a 70 per cent stake in Cam Pha Cement JSC as it continues with its plan to divest in non-core operations. Vinaconex is seeking shareholders approval to sell the shares to foreign partners at below the par value of VND10,000 each, but not lower than Cam Pha’s book value. According to local press reports, two companies h...
Improved outlook for Asia Cement Corp in 2013
Taiwanese producer Asia Cement Corp is expected to return to a path of growth this year driven in part by earnings growth from its operations on mainland China, a recent report by HSBC has said. Last year, Asia Cement’s net profit plunged 38 per cent to TWD6.24bn (US$208.3m), which was 16 per cent lower than HSBC’s forecast. However, the Taipei Times reports that HSBC analyst Elaine Lam ret...
Sinoma makes Indian acquisition
Sinoma International Engineering (Hong Kong) Co Ltd, part of China National Materials Group Corporation Ltd, has acquired a majority stake in India-based cement equipment manufacturer LNV Technology Pvt Ltd. According to the agreement, Sinoma International Engineering has purchased a 68 per cent share in LNV Technology while joint venture partners Mr VC Rao, managing director of the Chennai...
Tanga Cement annual sales reach record high, Tanzania
Tanga Cement said its cement sales last year crossed the 1Mt mark – the highest in the Tanzanian cement producer’s history. Sales at the company, which produces the Simba Cement brand, rose by 21 per cent to TZS257.92bn (US$158.8m) thanks to increased exports which rose by 55 per cent YoY. Pretax profit rose to TZS55.93bn from TZS37.08bn an net profit increased by 52 per cent YoY. Commen...
Moody's: West China Cement's medium-term notes issuance is credit positive
Moody's Investors Service says West China Cement's (WCC) issuance of medium-term notes (MTN) totalling CNY800m (US$129m) for three-years at 6.1 per cent is credit positive. The notes were issued on 28 March 2013 through WCC's indirectly wholly owned onshore subsidiary Yaobai Special Cement Group Co Ltd, which owns the vast majority of the group's assets in Mainland China. The proceeds from t...
Votorantim Cimentos files request for IPO of shares
Brazilian cement and concrete producer Votorantim Cimentos SA has filed a request with regulators to list its shares in the local stock exchange to finance its expansion plans. In its preliminary prospectus, the company did not reveal the amount to be raised or the volume of shares to be sold. In January, Dow Jones reported the company was planning to raise around BRL6bn (US$3bn) from an IP...
Yamama Cement 3Q net profit remains flat YoY
Saudi cement producer Yamama Cement Company said yesterday that according to preliminary results, its net profit stood at SAR277m (US$73.9m) for the first quarter of 2013, almost unchanged from SAR278m a year ago due to lower prices. The earnings per share remained stable at SAR1.37. Gross profit declined to SAR293m from SAR300m.
Steppe Cement's quarter sales volumes slip 2%
Kazakhstan-based producer Steppe Cement reported a two per cent drop in sales volumes for the first three months of the year. In a recent trading statement, the company said it sold 166,121t of cement in 1Q13 compared to 170,080t in the 1Q12. However, revenue rose 13 per cent YoY to KZT2272m (EUR11.6m). The company said it chose to maintain high cement prices during the quarter due to pr...
Yanbu Cement 1Q13 net profit surges on expansion, Saudi Arabia
Yanbu Cement announced that, according to preliminary figures, its net profit for the first quarter of 2013 surged by 70 per cent YoY, on the back of increased capacity. Net profit for the three months to the end of March 2013 rose to SAR247m (US$65.9m) according to the preliminary data. Earnings per share stood at SAR1.57, up from SAR0.92. "The increase in the current quarter profit com...
German Federal Court confirms HeidelbergCement’s cartel fine
Germany’s Federal Court has confirmed the 2009 fine imposed on HeidelbergCement by the Higher Court of Düsseldorf at a reduced level of EUR161.4m, the German cement major said in a statement on Tuesday. “We have to accept the verdict of the Federal Court of Justice, and we state that the law suit has now been concluded after a long period of time,” says Dr Bernd Scheifele, Chairman of the...
Camargo Correa plans to raise capacity by 2016
Camargo Correa plans to invest up to BRL3bn (US$1.51bn) in the Brazilian cement sector in the next few years. With the acquisition and control of Portuguese cement maker Cimpor last year, Camargo Corrêa, through its cement arm InterCement, became the second largest producer of cement in Brazil, with market share being propelled from 10 to 18 per cent. With market growth in Brazi expected t...
ACC plans capex of INR33bn in 2013
ACC Ltd, India's second-largest cement producer, has planned a capital expenditure of INR33bn (US$603.9m) in 2013, most of which will be used for the expansion of an existing unit at Jamul in Chhattisgarh. ACC has started work on the Jamul expansion project, which will add 5Mta of capacity, Chairman NS Sekhsaria said while addressing shareholders at the company's 77th annual general meeting...
Goldman Sachs upgrades Titan, Greece
Goldman Sachs has upgraded Titan Cement Co to neutral from sell, Dow Jones reports. While the investment bank remains cautious on Titan's end markets in the near term, it says consensus FY13/14 EBITDA expectations have decreased by 10 per cent year-to-date and there is no longer such a significant difference versus Goldman's estimates. Titan's turnover recovered by 3.6 per cent last year to...
UK construction declines for fifth straight month
UK construction sector shrank for the fifth consecutive month in March but expectations for the sector have improved. Markit’s latest purchasing managers’ index (PMI) for constructors came in at 47.2 last month – up from 46.8 in February, but still below the 50 mark that indicates no change. Eight of the last 10 months have seen activity of the construction industry decline, the data shows...
Greece opposition party meets with Heracles employees
The general secretary of Greece’s Opposition Communist Party of Greece (KKE), Aleka Papariga, has met with representatives of the Heracles Cement plant at the party's headquarters in Perissos and expressed solidarity with those being made redundant following news of the cement plant's permanent closure. The KKE stated that the sector's trade unions, as well as related sectors, should offer th...