Cement News tagged: Corporate

FCC to transfer rescue funds to Portland Valderrivas

18 September 2014, Published under Cement News

Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to reports by Bloomberg citing sources familiar with the matter. FCC has reportedly received approval to creditors to transfer some EUR20m to Cementos Portland, which owes lenders EUR50m on 30 September, the sources...

Lafarge Africa completes consolidation process

17 September 2014, Published under Cement News

Lafarge Africa Plc, formerly Lafarge Cement Wapco Nigeria Plc, has announced the completion of its acquisition of the Lafarge group’s shareholdings in Lafarge South Africa Holdings and United Cement Co of Nigeria. Guillaume Roux, Lafarge Africa Group Chief Executive Officer, told reporters in Lagos yesterday that the company had received all shareholder and regulator approvals and met all the...

Lucky alters ownership structure of coal-based power project

18 September 2014, Published under Cement News

Lucky Cement has announced a change in the planned structure of its 660MW coal-based power plant, according to a company notice issued to the Karachi Stock Exchange, The board of directors of Lucky Cement has decided that Lucky Electric Power Company Ltd will be a wholly-owned subsidiary of Lucky Cement instead of Lucky Holdings Ltd. Intially, the group planned to set p the power plant a...

Lafarge to sell Russian plant to Buzzi Unicem

18 September 2014, Published under Cement News

Buzzi Unicem, through its fully-owned subsidiary Dyckerhoff GmbH, has reached an agreement to acquire a 100 per cent interest in Lafarge's UralCement plant in Russia for an enterprise value of EUR104m. The 1.1Mta wet-process plant is located in the town of Korkino, some 40km south of Chelyabinks. The transaction is subject to authorisation from relevant authorities. The divestment will con...

Hanson Building Products files for IPO

Hanson Building Products files for IPO

18 September 2014, Published under Cement News

HeidelbergCement announced that its subsidiary, Hanson Building Products Ltd, has filed a registration statement with the US Securities and Exchange Commission for a potential initial public offering (IPO) of its ordinary shares. The move is part of HeidelbergCement’s plan to divest a significant portion of its building products business in North America and the UK. The number of shares to be...

Steppe swings to first-half loss

16 September 2014, Published under Cement News

Kazakhstan cement producer Steppe Cement Ltd posted a consolidated loss after tax of US$4.1m for the six months ended 30 June 2014 against a profit of US$2.2m in the comparative period of last year. Sales increased by 26 per cent in volume and 16 per cent in tenge (KZT) in 1H14 against 1H13. However, as a consequence of the February devaluation of the KZT against the USD, turnover in US doll...

PPC says slower domestic economic growth hurting volumes

PPC says slower domestic economic growth hurting volumes

15 September 2014, Published under Cement News

South Africa's largest cement producer, PPC, has said slower domestic economic growth and declining infrastructure spending has resulted in a "particularly tough" domestic market. “Low single-digit” volume declines across Africa’s second-biggest economy were partly offset by higher selling prices in the 10 months through July, the company said today in a statement. PPC is expanding in ne...

CIMB upgrades Semen Indonesia

15 September 2014, Published under Cement News

Analysts at CIMB has upgraded Semen Indonesia to an add rating and lifted its target price from IDR17400 (US$1.46) to IDR18300 following a substantial government-mandated increase to dividend payouts of cash-generative state-owned enterprises. "While it remains to be seen if such high payout would continue into 2016, Semen Indonesia can afford to do so if asked, in our calculation, with marg...

Sagar reportedly looking to acquire BMM Ispat cement assets

12 September 2014, Published under Cement News

Sagar Cements is reportedly planning to acquire the cement business of Bangalore-based BMM Ispat Group. Local press report anticipate that the deal is likely to be sealed in a couple of weeks. BMM has a 1Mta cement manufacturing unit at Tadipatri in Anantapur district of Andhra Pradesh. The acquisition would benefit Sagar as it would provide easy access to southern markets. The company re...

Ash Resources’ new Commercial Manager, South Africa

12 September 2014, Published under Cement News

Ash Resources, South Africa’s leading manufacturer and supplier of fly ash products, has appointed Nicola Viljoen as its new Commercial Manager with effect from 1 September 2014. In her previous role as Senior Purchasing Manager for Lafarge Gypsum, she is credited with transforming the company’s complex purchasing and contracting function, which handles the multiplicity of specialised produc...

Grupo Argos raises US$509m in bond sale

12 September 2014, Published under Cement News

Grupo Argos, the parent company of Colombia's leading cement producer Cementos Argos, has raised COP1trn (US$509.4m) in a bond sale on Wednesday that was more than doubly oversubscribed, the company said in a filing to the financial regulator. Grupo Argos said the issue enabled it to restructure debt which it said would now come due in 6.3 years instead of 1.5 years, a period it said matche...

Ashaka Cement stake changes hands

11 September 2014, Published under Cement News

Lafarge Group has sold 58.61 per cent of its stakes in Ashaka Cement Plc to Lafarge Africa Plc in a deal valued at NGN41bn (US$252m). Lafarge sold 1.3bn ordinary shares of its Ashaka Cement at NGN30.95 each. The sale follows the company's decision to merge its Nigerian and South African assets into a single unit, Lafarge Africa Plc. In creating Lafarge Africa, the group will sell the enti...

EC clears Holcim and Cemex Spanish deal

11 September 2014, Published under Cement News

The European Commission (EC) has cleared, under the EU Merger Regulation, the proposed acquisition of Holcim’s Spanish operations by Cemex, the last of three transactions under scrutiny in the European tie-up between the two global majors. Following an in-depth investigation launched in April 2014, yesterday the Commission concluded that the acquisition "would not raise competition concerns ...

Court of Appeal postpones Ahangarancement case in Uzbekistan

10 September 2014, Published under Cement News

The Board of Appeals of the Tashkent Regional Economic Court adjourned the case on the claim of the Russian Eurocement Group holding due to the decision to invalidate the privatisation of Ahangarancement JSC. "The sitting was postponed at the request of the plaintiff," the representative of the court said. Representatives of the Eurocement Group asked for extra time in order to strike an ...

Dubai to acquire interest in Dangote Cement

11 September 2014, Published under Cement News

Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, has agreed to purchase a minority interest in Nigeria's largest cement manufacturer, Dangote Cement plc, from majority shareholder, Dangote Industries Ltd. Under the terms of the agreement, which was signed at a ceremony in Dubai attended by HE Mohammed Ibrahim Al Shaibani, executive director and CE...

Taiheiyo dissolves Xinjiang joint venture

12 September 2014, Published under Cement News

Taiheiyo Cement has ended a Chinese joint venture with a Xinjiang-based company in response to government efforts to cut excess capacity in the cement sector. Following calls by Beijing to curb investment in the cement industry to ease oversupply concerns and given the business environment in the regional industry, Taiheiyo and Xinjiang Tianye decided to break off  the agreement, according...