Cement News tagged: Corporate
Votorantim announces 2015-18 investment plan
Votorantim Cimentos announces a new investment package which will see BRL5bn (US$1.6bn) invested in five new factories in Brazil, one in Turkey and one in Bolivia, as well as in the expansion and modernisation of existing units in the 2015-18 period. The announcement comes after the company's 2007-14 BRL10bn investment plan through which the company expanded its global production capacity by 5...
Algeria: construction on Hodna-PPC M’sila plant to start
Construction on the 2.2Mta plant in M'sila, a joint venture between Hodna Algerian Cement Co (HACC) and PPC (South Africa), will start soon, according to Abdelkrim Mansouri, director general of the National Investment Development Agency. Nearly DZD28bn, or 80 per cent of the investment will be financed by Algerian banks, while the balance is funded by the two partners. Signed in February 20...
Lafarge and Holcim receive clearance from CCI on proposed merger
Holcim and Lafarge yesterday announced they have received clearance from the Competition Commission of India (CCI) on their proposed merger. A package of asset divestments has been agreed with the CCI which involves the sale of the Sonadih cement plant and Jojobera grinding unit both owned by Lafarge. The two plants have a combined capacity total capacity of 5Mta and are situated in eastern I...
Dandot Cement reduces half-year loss
Dandot Cement Co reported a loss after tax of PKR342.24m (US$3.4m) in the first half of the current Pakistan fiscal compared to a loss of PKR 380.42m in the comparative period of the year before. Net sales reached over PKR1bn versus PKR93m in 1HFY13-14, the company said in a notice to the Karachi Stock Exchange. The cost of sales, however, rose to PKR1.28bn from PKR406m a year earlier. ...
Berenberg Bank lifts Italcementi to EUR7.10
Following the announcement of the 2014 figures of Italcementi, Berenberg Bank has increased its price target for the stock of Italcementi to EUR 7.10 from EUR 6.30 per share, but has downgraded its recommendation on the cement maker to "hold" from previously "buy". The earnings estimates are reduced by 46.6, 22.5 and 7.6 per cent to EUR0.05, EUR0.29 and EUR 0.60 per share for 2015, 2016 and...
TPI Polene: solid growth prospects
TISCO Securities has reinitiate coverage of Thai cement producer TPI Polene with a ‘Buy’ based on exciting growth prospects. Coverage on TPIPL is reinitiated with a 'Buy' rating as the company is expected to post strong three-year CAGR in normalised profit of 160 per cent. Key earnings drivers are: 1) its expansion into alternative fuel power plant with a total capacity of 199MW over the ne...
Trinetra shareholders give green light for merger
Shareholders of Trinetra Cement Ltd have approved the scheme of amalgamation and arrangement between the company and Trishul Concrete Products Ltd with India Cements. “The Scheme was duly approved by the Secured Creditors of the Company with requisite majority," the company said in a filing to stock exchanges. India Cements announced in May last year that as part of restructuring, it...
Buzzi Unicem returns to a net profit
On a turnover just 0.1 per cent lower at EUR2506.4m, Buzzi Unicem's underlying EBITDA did increase by 7.1 per cent to EUR404.8m in 2014, while at the headline level there was a 4.8 per cent advance to EUR422.7m. Following a 23 per cent reduction in impairment charges, depreciation and amortisation, the trading profit (EBIT) more than doubled from EUR86.5m to EUR178.7m. After a net interest ...
PPC and AfriSam call off merger talks
South African cement producers PPC and AfriSam have called off merger talks after they could not reach a consensus on the terms, both the companies said on Friday. Last December PPC confirmed it had received a conditional, non-binding merger proposal from AfriSam. Following "extensive discussion" between the two companies, the parties have not been able to reach consensus on the terms ...
Thailand: Holcim sells stake in Siam City Cement
Holcim Ltd today announces that it has sold its entire remaining shareholding of 27.5 per cent in Siam City Cement (Public) Company Ltd (SCCC) in Thailand via a private placement in capital markets. For the sale of its entire remaining stake, Holcim will receive a total consideration of approximately CHF655m (US$626m), which will result in a gain before taxes of approximately CHF365m (US$349m)...
Dangote commences operations in Senegal, Cameroon
Dangote Cement has commenced operations at new cement facilities in Senegal and Cameroon, which form part of the company's plans to become a pan-African enterprise. The new Senegalese plant, located in Pout district, about 75km from Dakar, the country’s capital, has a total production capacity of 1.5Mta. With the new plant, the company hopes to improve the country’s cement productio...
Holcim's No. 2 shareholder reportedly plans to vote against Lafarge merger
Eurocement Holding AG, the second-largest shareholder in Holcim Ltd, plans to vote against the Swiss company's merger with Lafarge SA unless the financial terms of the deal are altered, according to a person familiar with situation. Eurocement, which holds 10.82 per cent of Holcim, believes the terms of the deal continue to undervalue the Swiss company despite a revision of the agreement a l...
Seruji Ltd acquires 60% stake in Savannah Cement
The Competition Authority of Kenya has approved the proposed acquisition of 60 per cent of the shareholding of Savannah Cement Ltd by Seruji Ltd, according to a Gazette notice dated 27 March 2015. Seruji Ltd spokesperson, Alfred Ng’ang’a, said the company has acquired the stake previously held by the pioneer Chinese investors of Savannah Cement . “Seruji Ltd has made a 60 per cent acquisitio...
Dangote Cement pretax profit down 3.2%
Dangote Cement's pretax profit fell 3.2 per cent to NGN184.68bn (US$928m) last year due to a gas shortage and the impact of wet weather on construction activity, the company said on Thursday. The company said sales volumes in its domestic market of Nigeria fell 3.2 per cent to 12.87Mt, weaker than the decline in the overall market of 0.8 per cent to 21Mt. Full-year revenues for 2014 climb...
Buzzi offer to purchase SACCI SpA accepted
Buzzi Unicem announced today that further to its proposed purchase of a 99.5 per cent interest in the share capital of SACCI SpA, controlling shareholders have accepted the binding offer. Last week Buzzi announced that it had Buzzi Unicem is offering €120m for the stake in SACCI and the simultaneous relief of all outstanding liabilities from a previous debt restructuring agreement. Buzzi hi...
Cemex to supply state-of-the-art transit systems in California Bay area, USA
Cemex is to supply structural concrete on two massive, state-of-the-art transit systems in the California Bay Area which, upon completion, are expected to serve more than 61 million people every year. Between 2000 and 2030, 1.25 million new vehicles are expected to enter the Northern California Bay Area -- a 31.5 per cent increase over 30 years. In response, cities and local transportation ag...