Cement News tagged: Corporate
Italcementi shares to cease trading
Shares in Italcementi will be removed from the Milan stock exchange next Wednesday after the conclusion of HeidelbergCement’s takeover, Il Sole 24 Ore reports. Heidelberg has now amassed a stake of more than 96 per cent in Italcementi, giving the German firm the right to purchase the outstanding shares.
Essroc Canada's integration to the HeidelbergCement Goup is approved
The integration Italcementi's business in Canada with the HeidelbergCement Group was formerly approved by the company's board of directors yesterday. Since 1 July 2016 HeidelbergCement Group has been held the majority stake in Italcementi and will take over the entire company following a mandatory takeover bid. The transaction involves the acquisition by Canadian Lehigh Hanson Materials L...
India: Birla Group front runner to buy Bhillai stake
Orient Cement, part of the Birla Group, has emerged as the front-runner to buy out Jaiprakash Associates’ 74 per cent stake in Bhillai Jaypee Cement, the Economic Times reports. Bhillai is run as a joint venture between Jaiprakash and SAIL, with the latter holding 26 per cent of the enterprise. A source told the Economic Times that the deal values Bhillai at INR15bn (US$225m). Bhillai Ja...
Cemex new management in CLH and Colombia
Cemex Latam Holdings has made senior level organisational changes at both CLH and Cemex Colombia. The following changes have been made and are effective immediately: Juan Pablo San Agustin: appointed chairman of the Board of Directors of CLH, will remain executive vice President of Strategic Planning and New Business Development of Cemex and is a member of Cemex’s executive committee. ...
Egypt: NCC incurs US$13.5m losses
Egypt’s National Cement Company (NCC) incurred net losses of EGP119.9m (US$13.5m) during fiscal year 15-16, an improvement when compared to the EGP282.5m registered for the previous year. NCC chairman, Saeed Abdel Moty, reported that the company attained revenues of EGP858.8m in FY16-16 versus EGP756.5m a year earlier. Mr Moty added that NCC has recently invested approximately EGP1.0bn in i...
USA: Summit Materials Inc appoints new VP of investor relations
Summit Materials Inc has appointed Noel R Ryan III as its new vice president of investor relations. With over 15 years’ experience in investor relations and capital markets, Ryan most recently served as VP and head of investor relations & external communications for Calumet Specialty Products Partners LP. Before that he served as head of the investor relations function at Delek US Holdings In...
Kenya: CDC completes purchase of 40% stake in ARM Cement
ARM Cement has completed the sale of 40 per cent of its shares to CDC Group, a UK-owned development corporation, for KES14.1bn (US$139m), Capital Business reports. The investment will strengthen ARM’s financial structure and enable the company develop to meet the growing demand for sustainably produced cement across sub-Saharan Africa. In the short-term, CDC will support the company’s plans...
India: Shree Cement begins work on Gulbarga plant
Shree Cement has begun construction work on a new integrated cement plant sited in the Gulbarga district of Karnataka. The project, first announced in 2012, will see the creation of a 3.8Mta limestone mine, and have the capacity to produce 2.4Mta of clinker and 3.0Mta of finished cement. The project will also include a 40MW coal-based captive power plant, and is expected to take around 1...
Refratory giants RHI and Magnesita to merge
RHI and Magnesita are to merge creating one of the leading global refractory companies that will operate under the new name of RHI Magnesita. RHI AG and the controlling shareholders of Magnesita Refratários SA, investment vehicles affiliated with GP Investments and Rhône Capital, and together with GP (Magnesita’s Controlling Shareholders) agreed to combine the operations of RHI and Magnesi...
HeidelbergCement achieves high acceptance rate for Italcementi share offer
HeidelbergCement achieved a high acceptance rate in the mandatory tender offer to the remaining shareholders of Italcementi. According to provisional results, 165,371,229 Italcementi shares were tendered at the end of the subscription period, on 30 September 2016. In addition, HeidelbergCement purchased 14,000,000 Italcementi shares outside the offer on the stock exchange. Together with the ...
Lafarge Zimbabwe finds cash shortages restrictive
Lafarge Zimbabwe's cement sales for the interim period "were subdued due to increased competitive activity in the total market following the influx of cement imports into the country as well as the entrance of a major competitor" in the Harare market. Cash shortages in Zimbabwe have caused delays in disbursing remittances to foreign creditors, the chairman of Swiss-based LafargeHolcim’s ...
West China Cement's merger with Anhui Conch collapses
Shares in struggling West China Cement plunged by as much as 34 per cent after a much-needed merger deal with the country''s largest cement maker collapses. Hong Kong-listed shares of West China Cement dropped as much as 34 per cent to HK$0.71 when it resumed trading Monday morning, compared to the previous close at HK$1.07. It was trading at HK$0.81 at 11:00 am (0300 GMT). Major rival Anhui...
Pakistan: Dewan Cement earns profits of US$14.25m
Dewan Cement Ltd informed Pakistan Stock Exchange (PSX) that it earned a profit after tax of PKR1.49bn (US$14.25m) in FY16 ending on 30 June 2016 compared to PKR709.66m in corresponding period last year. It translates a hefty growth of 110 per cent in profit on YoY basis. A notice duly signed by Muhammad Hanif German, company secretary and Haroon Iqbal, director, has stated that company sa...
Zimbabwe: PPC threaten shutdown over cheap cement imports
Darryl Castle, PPC chief executive, has told the Zimbabwean government to curb imports of cement, or his company will close its mining operations in the country and import finished cement from South Africa. According to Bulawayo 24 News, cement producers in Zimbabwe are pushing the government to lower duty on raw material imports and to cancel – or at least review – all current import permi...
Saudi Arabia: Tabuk Cement delays opening of second clinker line
Tabuk Cement's second clinker production line will not now begin commercial operations until the second quarter of 2017, the company said in a statement to the Saudi stock market. The company attributed the delay to irregularities concerning capacity and specification of the line, adding that it would incur no additional cost or financial impacts due to the delay.
Lafarge Zimbabwe losses increase to US$2.2m
Lafarge Zimbabwe has announced a 1H16 loss of US$2.2m, an increase from the 1H15 US$1.3m loss, the Insider reports. Competition from cheap imported cement and rising output from other domestic producers had had an impact on profits, as had softening demand caused by Zimbabwe’s economic difficulties, said the company. Despite this, sales revenues for the first six months of the year were ...