Cement News tagged: Corporate
Pakistan: Dewan Cement restructuring debt
Dewan Cement Ltd (DCL) has taken steps to ease debt burden and improve production efficiency. According to a local brokerage house, the company has taken the first step in converting its debt amounting PKR450m into equity by issuing 45m shares and is planning to further convert debt amounting to PKR500m into 50m shares to its director. This will lower Dewan's financial leverage thereby help...
Moody's reviews West China Cement's B1 ratings
Moody's Investors Service has put West China Cement Limited (WCC) B1 corporate family and senior unsecured debt ratings under review for upgrade. On 19 June 2015, WCC announced that Conch International Holdings (HK) Ltd (unrated) – a wholly owned subsidiary of Anhui Conch Cement Co, Ltd. (unrated) -- would subscribe to shares equivalent to a 16.67 per cent equity stake in WCC. The subscripti...
HeidelbergCement reportedly in talks for Jaiprakash unit
HeidelbergCement is reportedly in talks to buy Jaiprakash’s Sikandarabad unit in Uttar Pradesh, according to local media. “Heidelberg is in advanced stages of negotiations with JP Associates to buy the 1Mta Sikandarabad cement unit for around INR500 crore,” an industry source aware of the development told the Financial Express (India). Jaiprakash Associates has already ivested its cement pla...
West China Cement issues Conch International HK$1.53bn worth of shares
West China Cement said Friday that it will issue HKD1.53bn (US$197.4m) worth of shares to to Conch International Holding, a wholly owned subsidiary of Anhui Conch Cement Company Ltd. The Hong Kong-listed company said it would use the proceeds for future acquisitions and investments. At HK$1.69 a piece, the issued shares are at a 0.59 per cent discount to the stock's last closing price. The ...
Lafarge to buy out Baring stake in Indian unit
As part of the implementation in India of its planned merger with Holcim - and subject to its completion - Lafarge has signed an agreement to acquire the 14 per cent stake held by Baring in Lafarge India, for a consideration of EUR270m. Following this transaction, subject to the approval of the regulatory authorities, Lafarge will hold 100 per cent of the shares of Lafarge India.
Ashaka impacted by insurgency, lengthy rainy season
Nigeria-based Ashaka Cement Plc’s first-quarter profit fell by 53.54 per cent to NGN889.01m (US$4.5m) in the first three months of this year as insurgency disrupted operations and a lengthy rainy season weakened demand. Revenue over the Jan-March period declined by 29.84 per cent to NGN4.56bn. Ashaka Cement's operations have been disrupted by Boko Haram as the company is located in Gombe...
Saudi's Najran Cement sells SAR400m through an Islamic bond
Saudi Arabia’s Najran Cement has raised SAR400m (US$106.7m) through an Islamic bond of five years duration, it said in a statement on Sunday. The sukuk was privately placed with investors and was priced at 1.4 per cent over the three-month Saudi interbank offered rate (Saibor), the firm said in a stock market filing. In May, Najran Cement said it would issue a riyal-denominated sukuk which w...
China Shanshui Cement new loans suspended
China Shanshui Cement Group Ltd said some banks have halted new loans and suppliers are demanding immediate repayment after a court put one of the cement maker’s main shareholders into receivership, Bloomberg reports. Some joint venture partners have also said they wanted to review their relationship with the company, Shanshui Cement said in a statement Wednesday in Hong Kong. The firm’s fin...
HeidelbergCement announces new mid-term strategic priorities and financial targets
HeidelbergCement has announced new mid-term strategic priorities and financial targets for the five-year period until 2019 in advance of hosting its Capital Markets Day 2015 in London later today. On the back of the positive outlook for the current fiscal year and a strong asset base, the Group aims to increase Group revenue from EUR12.6bn in 2014 to more than EUR17bn by 2019. Over the same pe...
Camargo Correa reportedly looking to sell stake in InterCement
Camargo Correa is looking to sell a stake in cement maker InterCement for up to BRL3.6bn (US$1.2bn) to make new overseas investments, according to a report in Brazilian daily newspaper Folha de S Paulo. Camargo Correa is looking to sell between 10-18 per cent of InterCement for between BRL2bn-3.6bh, the newspaper reported on Tuesda. Folha reported that Camargo Correa's hefty BRL8.2bn of debt...
Lafarge expects modest Czech sales growth
Lafarge Cement sales rose by five per cent in 2004 to CZK965m (EUR35m) due in part to a revival of domestic construction activity. Profit from operations soared by 53 percent to CZK179m. The growth is attributed to rising sales, an extraordinary revenue from the sale of carbon credits and operating savings, spokesperson Milena Hucanova told CTK Business News. The company, which oper...
ARM Cement ratings affirmed, Kenya
Global Credit Ratings has today affirmed the national scale ratings assigned to Kenyan cement producer ARM Cement Ltd of A(KE) and A1(KE) in the long term and short term respectively, with the outlook accorded as Stable. Summary rating rationale Global Credit Ratings (GCR) has accorded the above credit rating(s) to ARM Cement (ARM) based on the following key criteria: ARM is becoming an i...
USA: Former Ash Grove chairman and president dies
Ash Grove Cement Company has announced that James P Sunderland, former company chairman and president, passed away on 27 May 2015. Mr Sunderland joined the Ash Grove Lime and Portland Cement Company in 1957 as its corporate secretary in Kansas City. In his 43-year career at Ash Grove Cement, he held several leadership positions including serving as the company’s chairman and president. Duri...
Indonesia: Rembang plant on course for 2016 start-up
State-owned cement producer PT Semen Indonesia expects is Rembang cement plant, Central Java, to be completed in 2016. “By the end of 2016, the construction works are expected to finish so that [the factory] is ready for operation,” PT Semen Indonesia president director, Suparni, told The Jakarta Post in Surabaya. “The products are oriented for distribution in Central Java, East Java and West...
Sagar Cement rail line on track for July opening
India's Sagar Cement announced will commission its INR1200m (US$18.7m), 7km private railway line next month. This line will connect Sagar’s plant, near Matampally, in Nalgonda, Andhra Pradesh, with the main railway line. S Sreekanth Reddy, Sagar Cement’s executive director, said: “The company had already received its first train and full commercial operations will begin after safety checks by...
Arawak Cement’s future hangs in the balance
Some 200 employees of Arawak Cement plant await the decision of a high-level team from parent company Trinidad Cement Limited (TCL) on the future of the cement plant on based in St Lucy in Barbados. TCL chairman, Wilfred Espinet, confirmed that after the parent company’s shareholders’ annual general meeting in July, the board of directors and TCL management will focus on Arawak. Espinet expl...