Cement News tagged: Corporate
China: BBMG sells stakes to Jidong Cement
Chinese building materials supplier, BBMG Corp has plans to sell its stakes in 31 cement-related companies to Jidong Cement. The stakes on offer are valued at CNY15.5bn (US$2.3bn). Tangshan Jidong Cement Co Ltd will eventually become a part of BBMG as part of an overall company restructuring. This move comes as the Chinese government tries to get rid of smaller or inefficient players in sec...
Pakistan: DG Khan Cement about to power up
The 30MW coal-fired captive power plant of DG Khan Cement Co (DGKCC) at its Dera Ghazi Khan is scheduled to start up in the next week, according to market sources. The power plant was supplied by China-based Sinoma Energy Conservation and will enable the cement producer to achieve cost savings in terms of power supply as well as reduce its dependency on the national grid.
Russia: Verkhnebakanskiy Cement BoD appointments
The Board of Directors of Verkhnebakanskiy Cement Works held a meeting on 27 June 2016 to appoint new member to the board. Lev Kvetnoy has been appointed as Chairperson and Igor Veremiy as Secretary of the Board of Directors.
West China Cement shares drop by one third in single day’s trading
Hong Kong-listed West China Cement (WCC) has seen its shares fall by 32.7 per cent in a single day, wiping US$350m off the value of the company, Bloomberg reports. At one point, the company’s shares were trading 46 per cent down on their opening value, before recovering slightly to close at HKD1.07 (US$0.14). In May West China Cement reached an agreement with Anhui Conch that would see t...
Indonesia: new plant for PT Semen Indonesia
PT Semen Indonesia has plans to invest between IDR4trn (US$303m) and IDR5trn (US$380m)in a new plant in Aceh, according to Corporate Secretary, Agung Wiharto. The company established a new entity on 22 April in cooperation with local company PT Samana Citra Agung, forming PT Semen Indonesia Aceh. This new entity will become the operator of the plant. Samana Citra is the majority owner of Se...
New Zealand: Cape Foulwind closure
Holcim has ceased operations at its Cape Foulwind cement plant in New Zealand following a three-year closure process. The company chose to start importing cement rather than manufacturing locally. National Director of Industries, Ged O’Connell said the plant closure is a worrying development for the West Coast, where many have lost jobs due to economic conditions. “In recent years we've s...
Georgia: construction on 1.5Mta Senaki works started
Construction on a 1.5Mta cement plant in Senaki, Shmegrelo region in western Georgia, has started. The project is an investment of US$120m by Black Sea Cement LLC, a partnership between Georgian businessman Cezar Chocheli and China’s Hualing Group. "This is a very good example of partnership between Georgia and China," Georgian Prime Minister Georgy Kvirokashvili said at the groundbreaking ...
South Africa: PPC lines up banks for rights issue
South African’s largest producer, PPC, has announced that it has come to an agreement with four banks to underwrite its proposed ZAR4bn (US$260m) rights issue, Reuters Africa reports. The Standard Bank of South Africa Limited, Nedbank Limited, Absa Bank Limited and FirstRand Bank have been appointed to oversee the offer process, with Standard Bank also taking the role of global co-ordinator...
Cemex stock falls over Brexit fears
Cemex saw a further day of losses at the Mexican Stock Exchange (BMV). Since Friday, its shares have fallen 14.74 per cent following the announcement of the UK’s departure from the EU. On Monday, shares fell 5.6 per cent to close at a price of MXN10.61 (US$0.56)/share. The fall is attributed to the potential impact of Brexit on the company’s UK operations following the surprise result of th...
CRH reported to carry out due diligence on HeidelbergCement's US assets
Ireland-based building materials giant CRH is reportedly among bidders for the US assets put up for sale by HeidelbergCement to appease competition authorities over its Italcementi acquisition. CRH and US company Summit Materials are among bidders chosen to carry out due diligence for US$600m of US assets, according to Bloomberg. In April CRH’s CEO Albert Manifold had already indicated t...
Cemex celebrates Panama Canal expansion inauguration
As the Panama Canal expansion was successfully inaugurated on Sunday, Cemex celebrated along with other suppliers and local dignitaries. The company supplied close to 1Mt of specially-developed cement for the project. “CEMEX congratulates the Government, the Panama Canal Authorities, and especially the Panamanian people for the key role they played in this iconic project, which will change...
South Korea: Sungshin shares down
South Korean company Sungshin Cement has been ranked in the bottom quartile of BSS News Bites South Korean performers for the past year. The company’s performance saw it placed 1519/1756 in the ranking, a percentile ranking of 13. Sungshin shares were also down 35.3 per cent for the year ended 27 June 2016. After climbing from KRW2920 (US$2.47) five years ago to KRW15,300 (US$12.95) one yea...
Egypt: Suez Cement ranked bottom
Egyptian company Suez Cement has ranked in the bottom quartile of the country’s performers for the year just passed. The company’s performance saw it ranked 144/144 in the BSS News Bites ranking for Egypt, a percentile ranking of zero. Alongside this low ranking, Suez Cement’s shares also fell 66.8 per cent for the year ended 26 June 2016. Five years ago share price stood at EGP38.75 and fe...
Holcim Indonesia in lower quartile
Holcim Indonesia has ranked in the lower quartile of Indonesian performers for the past year. The company was ranked 274/325 in the BSS News Bites ranking of Indonesian performers in the past year. Shares for the company fell by 32.4 per cent for the year ended 27 June 2016. Revenue growth for Holcim Indonesia had seen a downward trend for the years 2011 to 2013. In 2011 revenue growth stoo...
Cementos Argos completes Panama Canal shipments
Cementos Argos completed the shipment of 1.1Mt of cement in May to the Panama Canal expansion project. Around 760,000t of Type II cement and 340,000t of pozzolan-based product were delivered. The Latin American cement major worked over a year in the development of a product that met the specific technical characteristics - durability, sulphate resistance and low hydration heat - required by...
Russia: CNBM to buy shares in Eurocement
China National Building Materials Group Corporation (CNBM) plans to become a shareholder of Russian cement producer Eurocement Group, the latter company said in a statement Monday. The companies signed an agreement on cooperation in production of construction materials. “The Chinese corporation plans to enter the shareholder equity of Eurocement Group in order to implement the investment pro...