Corporate

23 March 2015

Fitch downgrades Cemento Tupi's ratings

Fitch Ratings has downgraded Cimento Tupi SA's (Tupi) ratings as follows: foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B-'; Local currency IDR to 'CCC' from 'B-'; Senior unsecured notes due 2018 to 'CCC/RR4' from 'B-/RR4'; --Long-term National Rating to 'CCC(bra)' from '...

20 March 2015

Lafarge and Holcim agree on revised terms

Lafarge and Holcim are back on track with their proposed merger having reached an agreement on revised terms for the deal. Holcim demanded new terms earlier this week, stating that the merger could no “longer be p...

20 March 2015

Moody's: WCC's weakened 2014 results to have no impact on ratings

Moody's Investors Service says that West China Cement Ltd's (WCC) weakened 2014 results are in line with the rating agency's expectations and will have no immediate impact on the company's B1 corporate family and sen...

20 March 2015

AshakaCem Plc appoints new chairman, Nigeria

AshakaCem Plc, a subsidiary of Lafarge Africa Plc, has appointed Malam Suleiman Yahyah as its chairman. The appointment followed the expiration of the tenure of Alhaji Umaru Kwairanga, who has stepped down. The ...

25 March 2015

HeidelbergCement ‘confident’ on 2015 outlook

HeidelbergCement’s 2014 consolidated financial results show increases in revenue and operating income, and significant increases are expected for the year in hand. The group's turnover increased by four per cent la...

20 March 2015

Buzzi Unicem proposes to acquire SACCI

Buzzi Unicem is offering EUR120m for a 99.5 per cent stake in SACCI and the simultaneous relief of all outstanding liabilities from a previous debt restructuring agreement.  The proposal is seen as a further step in ...

19 March 2015

Reliance to sell part of cement division?

Reliance Infrastructure, part of the Anil Ambani-led Reliance Group, may sell half of its cement business to fund the acquisition of Pipavav Defence and Offshore Engineering. Reliance Cement is in talks with Heidel...

18 March 2015

Cemex aims to trim debt by US$1bn in 2015

Cemex is aiming to cut its debt by up to US$1bn this year. The company believes it can refinance US$2.9bn in bonds at a coupon of around nine per cent this year, according to a presentation to investors. Cemex had t...

17 March 2015

HeidelbergCement completes sale of North American and UK building products business

HeidelbergCement on Friday completed the sale of its North American (excluding Western Canada) and United Kingdom building products business (collectively “Hanson Building Products”) to an affiliate of Lone Star Fund...

16 March 2015

Holcim Board seek exchange ratio renegotiation for Lafarge-Holcim merger

Holcim has issued a statement on its Annual General Meeting and the Board of Directors' decision to renegotiate the exchange ratio for the Lafarge-Holcim tie-up. The Board of Directors of Holcim Ltd has decided tha...

19 March 2015

Attock Cement to remit US$24m Iraqi project

Attock Cement Pakistan Limited (ACPL), Pakistan, one of Pakistan’s largest cement manufacturers and exporters, has received government approval to remit US$24m as an equity investment for the establishment of a cemen...

16 March 2015

India: Aditya Cement starts third line, builds grinding unit

UltraTech Cement Ltd has informed the Bombay Stock Exchange (BSE) that the company has commissioned its clinker plant of 2Mta at Aditya Cement Works, Shambhupura, Rajasthan. The 6000tpd kiln takes Aditya Cement's cli...

16 March 2015

Bangladesh: MI Cement will package growth

MI Cement Factory Ltd plans to grow on the back of higher domestic cement demand. Bangladesh is expecting rapid development in terms of new public infrastructure, communication and housing facilities. At present, MI ...

13 March 2015

Lafarge Zimbabwe revenue declines 11%

Lafarge Cement Zimbabwe recorded a 11 per cent decline in turnover to US$60.4m for the year ended 31 December due to a drop in volumes and prices. In the period under review the group recorded a seven per cent drop...

13 March 2015

TCC International Holdings net profit rises 22.5%

TCC International Holdings Ltd said net profit surged 22.5 per cent to US$264m. The Chinese cement producer attributed the profit rise to strong sales in southern China, where production plants in Guangdong and Guang...

13 March 2015

Cimaf inaugurates Ouadgadougou works

Morocco’s Ciments de L’Afrique (Cimaf) is close to inaugurating its Ouagadougou plant in Burkina Faso. The 0.5Mta works represents an investment of XOF25bn (US$40m), according to local press reports. Cimaf will be ...