Cement News tagged: Corporate
Fitch Ratings revises China Shanshui Cement Outlook
Fitch Ratings has revised China Shanshui Cement Group Ltd's Outlook to Negative from Stable. Meanwhile, Shanshui's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings have been affirmed at 'BB'. The Outlook revision reflects Shanshui's slower-than-expected deleveraging process, mainly driven by weaker cash flow generation due to the lower cement average sell price (ASP). "We e...
Paraguay: INC plans to raise capacity
Paraguay’s Industria Nacional de Cemento (INC) plans to increase its production capacity from 50,000 to 70,000 bags/day in 2015, according to Jorge Méndez, head of the company. This is expected to create a good supply to the market and lower prices by the end of the year. Although the company is forecast to have an accumulated deficit of nearly PYG1bn, due to successive years of losses, he ...
Puerto Rico: Cemex cement sales hit 55-year low
In 2014, Cemex cement sales in Puerto Rico fell 10.6 per cent YoY to 24,000t, according to Enrique García, president of Cemex Puerto Rico. The 55-year low has prompted the country’s largest cement producer to take action, including laying off 18 staff at its Ponce plant. "We are being proactive after a thorough analysis of the subject. The aim is to ensure the future of our company. In ...
Arabian Cement Co names chairman
Arabian Cement Co’s board of directors on Thursday approved the appointment of Abdullah Mohammed al-Eissa as board chairman, with a three year term effective 1 January 2015. In early December, the company elected a new board of directors. The other newly-elected board members are Ghassan al-Souleiman, Saud al-Souleiman, Adel al-Zaid, Ibrahim al-Rajhi, Ibrahim Aba al-Khail, Sami Baroum, Mu'taz...
Belarusian government to acquire additional shares
The Belarusian government will acquire additional stakes in three cement companies in exchange for helping them to repay loans to China’s EximBank. The Council of Ministers has issued a directive that provides for the restructuring of overdue debts to the bank incurred by Belarussian Cement Plant, Krychawtsementnashyfer and Krasnaselskbudmateryyaly as of 1 October 2014. The three cement p...
Holcim and Cemex close their series of transactions in Europe
Holcim and Cemex today announce the successful closure of their series of transactions in Europe. Holcim acquired Cemex’s operations in western Germany and The Netherlands while Cemex took over Holcim Czech Republic with all its subsidiaries in the country. In Spain, Cemex purchased Holcim’s Gador cement plant and Yeles grinding station, while Holcim keeps its remaining operations. As a r...
South Cement Co to issue 270-day bills
South Cement Co has announced that it will issue CNY750m (US$120.7m) unsecured super short-term bills with a maturity of 270 days on the interbank market on 6 January. The company, controlled by state-owned China National Building Material Co, said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding. Both value da...
Arabian Cement Co recommends SAR3.25 cash dividend
The management board of Arabian Cement Co (ACC) has recommended to shareholders a cash dividend of SAR3.25 (US$0.866) per share for the first half of 2014. The dividend translates into a total payout of SAR325m (US$133.5m). If approved, the dividend will be paid to shareholders registered at the close of business on 30 June. In mid-October 2014, ACC said its net profit rose 67.6 per cent YoY...
Kenya: Savannah Cement to build second grinding plant
Savannah Cement has announced plans to invest more than US$198.3m for the construction of its second milling plant near Kitengela town in Kajiado County. The high efficiency milling plant will feature a roller press mill, which allows for environmentally efficient cement production. Savannah Cement managing director Ronald Ndegwa said that the ground breaking plans for a clinker manufacturing...
China: BBMG acquires 60% stake in Hebei line
BBMG announced that the company held 60 per cent equity of Xingtai Yong Ning Cement through transference at a consideration of CNY245m (US$39.46m). Xingtai Yong Ning Cement owned two 2500tpd dry cement clinker production lines.
Conch Group unveils restructuring plan, China
State-owned Conch Group of China has unveiled a plan to streamline shareholdings within the company. The Anhui provincial government intends to convert its indirect controlling shareholding of Anhui Conch Cement Co and Wuhu Conch Profiles & Science Co into direct ownership, according to filings to the Hong Kong exchange on Monday. Morgan Stanley said this might be an early step for the ...
Further disposals on the cards for Jaiprakash?
Jaiprakash Associates Ltd may divest of two further cement units, channel checks by Mumbai broker Prabhudas Lilladher indicate. The two units reported to go on the block are Jaiprakash's 5Mta plant in the northern Indian state of Himachal Pradesh and the 2.2Mta works in Bhilai in the eastern state of Chhattisgarh. "We believe that exit of JPA (Jaiprakash) would be positive for the sector wit...
Lafarge Malaysia contract win and new mill purchase positive
Lafarge Malaysia’s recently-awarded MYR254m (US$72.6m) concrete supply contract and its purchase of a cement mill from Lafarge Ciment (Romania) are being viewed as positive for the company by Hong Leong Investment Bank (HLIB). The research house said the five-year contract to supply the Refinery and Petrochemicals Integrated Development project and other Petronas-related projects in Pengera...
Vietnam government prepares to divest Sai Son stake
State Capital Investment Corporation (SCIC), the Vietnamese government’s investment arm, is shortly due to sell its 3.2 million share holding in Sai Son Cement JSC (SCJ). The move is expected to take place within a month from 31 December 2014 as SCIC aims to fully divest of its 16.44 per cent stake in the cement producer. The share sale is part of SCIC’s plan to exit from 376 companies by t...
Sumanta Pandit appointed CEO of Holcim (Bangladesh)
Sumanta Pandit has recently been appointed chief executive officer of Holcim (Bangladesh). Mr Pandit joins the company from Emirates Cement, a subsidiary or India's UltraTech Cement where he headed the business as Country Manager. Previously, Mr Pandit has worked for various multinational cement companies in different managerial roles. In his 22 year cement industry career, he has worked in...
India Cements board approves funding proposal
The Board of India Cements has approved a proposal to raise INR500 crore through qualified institutional placements or foreign currency convertible bonds to meet capital expenditure, a senior company official has said. "The Board has approved the proposal for raising an amount not exceeding INR500 crore by way of issue of QIP/FCCB/GDR or other Securities to improve the leverage and for meet...