Cement News tagged: Corporate
PPC Zimbabwe's capacity to rise to 1.5Mta in 2016
Pretoria Portland Cement (PPC) plans to expand its cement capacity to 1.5Mta from the current 1.1Mta, following the completion of the company's new Msasa cement plant next year. The US$86m Msasa plant is expected to be commissioned in September 2016. The group expects to invest a total US$$200m on the 0.7Mta Msasa plant when the company finalises the entire project. The firm is still looking...
Nigeria: Dangote Cement reduces prices by NGN6000/t
Dangote Cement announced that it will lower the price of its 3X cement by NGN300/50kg bag or NGN6000/t. Onne van der Weijde, Dangote’s director general, has indicated that the company’s cost reduction strategy has started to bear fruit, enabling Dangote to achieve attractive margins and reduce the prices. Mr Van der Weijde added: "We hope this new pricing strategy will support the naira, by...
Canada: McInnis seeks tax agreement for port facility
McInnis Cement wants a tax stabilisation agreement for a US$40m distribution centre to be built at the Port of Providence. The City Council will consider a "bifurcated" tax stabilisation agreement for McInnis USA Inc, an offshoot of McInnis Cement headquartered in the Canadian Maritime province of New Brunswick, according to City Council President Luis Aponte. The cement company wants to div...
China: BBMG Corp’s CFO resigns
Wang Hongjun, BBMG Corp’s chief financial officer, has resigned his post due to 'work re-designation' without further elaboration. The Beijing-headquartered cement producer and property developer did not disclose the replacement of Mr Wang, adding Mr Wang had also ceased to be an authorised representative of the company.
HeidelbergCement strengthens finances for Italcementi deal
HeidelbergCement has strengthened its financing to prepare itself for the acquisition of Italcementi. On 31 August, the cement producer completed the disposal of its lime business in Germany to the Belgian Lhoist Group. Both companies agreed not to disclose any details about the transaction. In addition, HeidelbergCement successfully syndicated the bridge financing for the acquisition of Ital...
Pakistan: Fauji Cement earnings rise 57% in FY15
Fauji Cement Company Limited (FCCL) boosted its net earnings by more than a half to PKR4bn (US$39m) in FY15, the company’s financial results revealed on Tuesday. Higher margins coupled with a decline in finance cost helped the company earn an after-tax profit of PKR4.1bn or PKR2.9/share in FY15, up 56.7 per cent compared to PKR2.6bn or PKR1.8/share of the last fiscal year. The Rawalpindi-bas...
Egypt: South Valley Cement to double capacity
Tamer Abdel Rahman, investor relations manager of South Valley Cement, said that the company intends to double its production capacity to 3.2Mta. He added that the intended increase is supported by two new cement mills under construction, Alborsa newspaper reported. Simon CDI is building the new line which will have a cement capacity of 1.7Mta. The new capacity is due to come on-stream in 2017.
Chile: Cemento Polpaico to pay US$14.6m in back-taxes
Cemento Polpaico reported that the Chilean tax office (SII) has ordered the cement producer to pay U$14.6m in back-taxes for the years 2012 and 2013. Liquidations have led to US$7.2m outstanding with the country’s revenue authorities, with adjustments, interest and fines by SII increasing the amount payable to US$14.6m. Polpaico indicated that it believes the adjustments are unfounded and ...
LafargeHolcim to pay post-merger dividend
Following the successful closing of the merger of Lafarge and Holcim, the new LafargeHolcim Ltd has announced that it will distribute an exceptional scrip dividend of one new-issue share for every 20 LafargeHolcim Ltd shares held. Settlement and delivery of the new-issue shares will start on 10 September, LafargeHolcim Ltd said. The group shareholders approved in May a capital increase via an...
Simon Vivian announced as new MPA chairman
Simon Vivian, currently chief executive of Breedon Aggregates Ltd, the UK’s largest independent aggregates business, has been appointed MPA chairman for the next two years. He will succeed Bill Brett of the Brett Group, from 1 September 2015, and of the Mineral Products Association’s (MPA) five chairmen to date, he is the third to serve from an independent company. Nigel Jackson,...
Fitch Downgrades Shanshui to 'B-'; Outlook Negative
Fitch Ratings has downgraded China Shanshui Cement Group Ltd's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'B-' from 'B+'. The agency has also removed the company from Rating Watch Negative and assigned it a Negative Outlook. The Recovery Rating on the senior unsecured ratings remains at 'RR4'. The rating downgrade reflects the continued weak business envi...
Siam Cement Group to miss full-year revenue target
Siam Cement Group, Thailand's largest industrial conglomerate, expects to miss its revenue target of THB480bn (US$13.42bn) this year as consumers' purchasing power has declined amid a continued poor global economic outlook, Bangkok Post reported, citing chief executive Kan Trakulhoon.
UltraTech Cement poised to lift capacity to 71Mta
UltraTech Cement is set to take its capacity to 71.2Mta by 31 March 2016 on the back of ongoing projects as well as recent acquisitions, chairman Kumar Mangalam Birla said on Friday. "Despite the cement industry being snowed under the slowdown in the rural economy, lack of investment from both private and public sector coupled with the overall sluggish demand, UltraTech had put in a commenda...
Arabian Cement approves selling frozen stocks of shareholders, Egypt
Arabian Cement’s ordinary general assembly yesterday approved the selling of shareholders frozen shares. The OGM refused a Board of Directors restructure, and is to retain the same members of the Board of Directors. (Source : EGX & Arab Finance editor)
Fitch affirms CRH rating, but lowers outlook
Fitch Ratings has affirmed Ireland-based building materials company CRH plc's Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. It has also downgraded the Short-term IDR to 'F3' from 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook is Negative. This follows the group's announcement of its agreement to purchase CR Laurence Co, Inc (CRL) for a...
Moody's: Conch Cement's 1H15 results are in line with its A3 rating
Moody's Investors Service, (Moody's) says that Anhui Conch Cement Co Ltd's 1H15 results are in line with its A3 issuer rating and stable outlook. "Conch's strengthened market position and maintenance of low debt leverage in 1H15 continue to support its A3 rating, despite the pressures from industry overcapacity and the slowdown in infrastructure and property developments," said Franco Leung,...