Cement News tagged: Corporate
Govt to appeal court order Assiut Cement renationalisation, Egypt
The Egyptian government plans to file an appeal against a Thursday court ruling renationalising Assiut Cement, Industry and Foreign Trade Minister Hatem Saleh told Ahram Online on Tuesday. Since its privatisation in 1999, Assiut Cement has been 95.8 per cent owned by Cemex. On the sidelines of Tuesday's Egyptian National Competitiveness Conference, Saleh said the government would grant ...
Attock Cement full year profit rises, Pakistan
Attock Cement Pakistan reported profit after tax to PKR1.44bn for the year ended 30 June 2012 compared to PKR684m in the previous year, thanks to higher prices. Net sales rose to PKR10.63bn in FY12 against PKR8.55bn in FY11 while cost of sales rose to PKR7.691bn against PKR6.8bn a year earlier. Pretax profit for FY12 rose to PKR2.03bn compared to PKR1.03bn a year earlier.
A TEC GRECO announces new managing director, Austria
A TEC GRECO has announced the appointment of Ulrich Kuegler as Managing Director – COO (Chief Operating Officer), effective August 2012. Mr Kuegler, former Corporate Project Execution & General Coordination Manager of Loesche GmbH (Germany) will bring his extensive senior management experience to the Austrian pyroprocess specialist A TEC GRECO, the company said in a statement. Mr Kuegler w...
Boral announces new CEO, Australia
Mike Kane has been appointed Chief Executive Officer and Managing Director of Boral Limited, effective 1 October 2012. Mike Kane will replace Ross Batstone who became Boral’s Chief Executive Officer in May 2012 when Mark Selway stood down from the role. At that time the Board commenced a comprehensive international search for a new Chief Executive Officer. Mr Kane joined Boral in February 20...
Fauji Cement increases full year profit, Pakistan
Profit after tax of Fauji Cement Company Limited increased to PKR552.590m in the year ended 30 June 2012 (FY12) compared to PKR425.661m in the same period in FY11. According to the financial results sent to Karachi Stock Exchange, the company's net sales increased to PKR11.523bn in FY12 against PKR4.742bn in FY11. The cost of sales increased to PKR8.454bn compared to PKR 3.919bn. Pretax prof...
Cemex completes refinancing deal, Mexico
Cemex said on Monday it has completed its plan to refinance US$7.2bn of debt and push back maturities by up to four years. Last week, the company and nearly all of its creditors finally settled on a new agreement that includes a debt swap, a US$1bn prepayment in March 2013, some asset sales, and revised financial covenants. Participating creditors will now receive about US$6.16bn in a com...
PPC appoints new chief audit executive, South Africa
Pretoria Portland Cement (PPC) appoints Phuti Semenya, a qualified Chartered Accountant as the Chief Audit Executive. This appointment is in line with the PPC strategic imperatives that include assurance on governance, risk management and internal controls. PPC said that Semenya brings with him an extensive experience and knowledge base in internal and external auditing that was acquired ov...
Dubai Group in talks for Lafarge Emirates stake sale, UAE
The Dubai Group is in talks to sell its 45 per cent stake in its UAE joint venture with Lafarge, according to reports by Reuters. Lafarge Emirates Cement, set up in 2005, is restructuring and needs additional capital to help support the business, something Dubai Group is unable to provide due to its debts. Lafarge Emirates Cement was set up as a joint venture between Lafarge, Dubai Group, ...
Court ruling threatens to nullify Cemex stake in Assuit, Egypt
Cemex said on Thursday its Egyptian unit Assiut Cement Co has learned of a preliminary ruling by a court in Egypt that could nullify the agreement under which Cemex bought a majority stake in the company more than a decade ago, Dow Jones Global Equities News reports. Assiut Cement is fighting the decision. It will continue to operate as usual, Cemex said in a statement to the Mexican Stock ...
Yamama Cement 1H net profit rises 22%, Saudi Arabia
Saudi cement producer Yamama Cement Company reported a 22 per cent YoY rise in its net profit to SAR487m (US$129.8m) for the first half of 2012, up from SAR400m a year ago. The increase was attributed to a rise in sales as a result of higher local demand, Yamama Cement said without giving exact figures. Gross profit SAR526m from SAR429m.
National Cement to begin trial productions, Ethiopia
National Cement SC, Ethiopia is expected to begin production in October in an expansion project which began in 2005. According to reports in the Addis Fortune, National Cement will begin with clinker trial production in October and Cement trial production after a month in November according to Engineer Busa Assefa, Chief Executive Officer of the company. The trial production phase will ...
Can Tho Mineral & Cement 1H12 net profit falls, Vietnam
Can Tho Mineral & Cement JSC (CCM), listed on the Hanoi Stock Exchange, said it made a consolidated net profit of VND5.67bn (US$272,000) in the first six months of this year, down from 18.18 per cent from a year earlier. Vietnam News Brief Service reports that the cement producer's revenues decreased 17.7 per cent YoY to VND102.44bn, CCM said in its consolidated quarterly financial report....
Tongli Cement to see restricted shares become tradable
On 11 September Henan Tongli Cement Co Ltd, a Shenzhen-listed cement producer, said that 96.24 million of its restricted shares will be tradable on 13 September. The shares account for 29.31 per cent of its share capital.
UltraTech Cement mandates SMBC for loan, India
UltraTech Cement Ltd has awarded a sole mandate to Sumitomo Mitsui Banking Corp for a syndicated loan, sources said. One source said the deal size is between US$50m and US$100m. Timing of any potential syndication is not determined yet. Ultra Tech Cement is part of the Aditya Birla Group. It is the country's largest cement maker, with a capacity of 48Mt which it is increasing to 62Mt by FY14.
Competition tribunal serves notice to CCI
The Competition Appellate Tribunal ( COMPAT) has served notice to the Competition Commission of India and the Builders Association of India regarding the INR6307 crore (US$1.1bn) fine issued on 11 cement producers for price fixing. Hearing an appeal by cement companies including UltraTech and ACC, the tribunal also asked the CCI not to take any coercive action in the matter until 11 Octob...
Holcim Philippines names new CEO
Holcim Philippines Inc has announced the appointment of Filipino executive Eduardo Sahagun as its new chief executive officer, effective 1 January 2013. The current president, Magdaleno Albarracin Jr. and expatriate chief operating officer Roland van Wijnen will step down on 31 December and 31 January 2013, respectively. “There is no doubt that Ed is the right man to lead Holcim Philip...