Corporate

10 April 2014

Oyak eyes Europe, Africa acquisitions

Turkey-based Oyak is looking into acquisitions in the cement sector, with a specific focus on Europe, Africa and Great Britain, its cement group chairman Celalettin Caglar said on Thursday. Speaking to Reuters, Caglar said that the group is also interested in acquisition opportunities...

09 April 2014

Qassim Cement 1Q14 net profit declines

Qassim Cement Company reported net profits amounting to SAR159m (US$42.4m) in the first quarter of 2014, down 5.59 per cent for the same period of the last year. In a statement issued today, the Saudi-based company ...

09 April 2014

Deutsche Bank upgrades Holcim to buy

Deutsche Bank upgrades Holcim to buy from hold and lifts its target price to CHF90 (EUR74) from CHF70  (EUR57) as the upside potential in the building sector should boost cement demand. This "when combined with a ...

15 April 2014

Umm Al Qura set to raise US$73m via float

Umm Al Qura Cement is to raise over SAR275m (US$73m) in cash by selling 27.5m shares at SAR10 each via a flotation on Saudi Arabia's stockmarket, Tadawul. The shares are expected to be floated by the new Riyadh-bas...

09 April 2014

West China Cement repurchases 2m shares

West China Cement Ltd bought back 2m shares for HK$1.9m on 8 April 2014, media reported, citing Hong Kong Stock Exchange documents. Between 1 January and 8 April, the Xi'an City-based cement manufacturer repurchased...

08 April 2014

Moody's places Lafarge's ratings on review for upgrade, changes outlook on Holcim Baa2 rating

Moody's has put Lafarge's Ba1 rating on review for a possible upgrade following the announced merger proposal with Swiss peer Holcim. At the same time, the credit rating's agency has changed its view on Holcim's Baa2...

10 April 2014

Holcim Indonesia to integrate two subsidiaries

Holcim Indonesia plans to integrate two subsidiaries as part of efforts to improve operational efficiency, the company said in a statement on Friday. The Indonesian division of the cement Swiss major plans to merge ...

08 April 2014

Cemex Latam to participate in construction of 12,000 sustainable housing units

Cemex Latam Holdings (CLH) announced today it expects to participate in the construction of approximately 12,000 sustainable housing units in Latin America during 2014, the company said in a statement. CLH will use ...

07 April 2014

Lafarge and Holcim agree cement merger

Holcim and Lafarge have confirmed today their intention to combine the two companies through a merger of equals, to create a new number one global cement major. Billed as a ‘merger of equals’, Lafarge shareholders w...

10 April 2014

Cemex to appeal Spanish fine

Cemex said Spanish tax authorities have fined its Spanish subsidiary EUR455m (US$620m) following an audit of the unit's tax returns for the years 2006 through 2009. Cemex Espana plans to appeal the fines, the co...

04 April 2014

Holcim and Lafarge confirm talks on possible merger

Holcim and Lafarge have confirmed that they are in advanced discussions regarding a "possible combination." The world's two leading cement majors said in separate releases that: "given the strong complementarity of...

04 April 2014

Asia Cement unit plans to buy Sichuan cement plant, China

Asia Cement (China) said its non-wholly-owned subsidiary Sichuan Yadong Cement entered into a framework agreement with the existing shareholders of Sichuan Lanfeng Cement to acquire their entire equity interest in Si...

04 April 2014

Texas Industries third-quarter net loss widens

During the first nine months to the end of February, Texas Industries Inc saw turnover rise by 34.4 per cent to US$649.8m and the EBITDA advanced by 46 per cent to US$69m. After a more than doubling of the net inter...

03 April 2014

Bío-Bío shares up 17% after Chilean earthquake

Shares of Cementos Bío-Bío rose 16.73 per cent to CLP600 on the Santiago Stock Exchanges in antipication of an increase in cement demand due to the earthquake that struck northern Chile. A strong magnitude 8.2 earth...

02 April 2014

Holcim Spain issues new ERE

Holcim Spain has presented a new record of employment regulation (ERE) that will affect 141 staff. While Holcim is reported by construction organisation Fecoma to have plans to sell its Gádor (Almería) cement work...

02 April 2014

Egypt: Suez Cement increases dividend payout

Suez Cement, part of the Italcementi group, will pay a cash dividend of EGP2.65/share (US$0.38), it said in a statement published yesterday. The company said it would make the payment in two phases. EGP1/share will ...